IFR International - 28.07.2018

The proceeds will be used to acquire
higher education schools and to construct
new campuses, as well as to repay debts and
FORûGENERALûCORPORATEûPURPOSES
The deal was priced on July 27 and share
TRADINGûWILLûSTARTûONû!UGUSTû
Citigroup and China Merchants Securities are
THEûJOINTûSPONSORS
(OPEû%DUCATIONûPOSTEDûAûûPROlTûOFû
2MBMû53M ûONûREVENUESûOFû
2MBM

BEIGENE PLANS SECONDARY LISTING

Nasdaq-listed Chinese biotech company BEIGENE
ISûPLANNINGûTOûRAISEûUPûTOû53BNûFROMûAû
SECONDARYûLISTINGûINû(ONGû+ONG ûMAKINGûITûTHEû
LARGESTûBIOTECHûmOATûINûTHEûCITYûTHISûYEAR û
ACCORDINGûTOûPEOPLEûFAMILIARûWITHûTHEûSITUATION
The leads on the deal have started
MEETINGûWITHûINVESTORSûFORûTHEûmOAT ûSAIDûTHEû
PEOPLE ûANDûBOOKBUILDINGûISûEXPECTEDûTOû
STARTûBYûTHEûENDûOFû*ULY
Goldman Sachs and Morgan Stanley are the
JOINTûSPONSORS
4HEûCOMPANYûPLANSûTOûSELLûABOUTûûOFûITSû
enlarged share capital in the secondary
LISTINGûTOûRAISEû53MnBN ûSAIDûTHEû
PEOPLE
"EI'ENESûSTOCKûCLOSEDûATû53ûLASTû
4HURSDAY ûGIVINGûITûAûMARKETûCAPITALISATIONû
OFû53BNû4HEûSTOCKûHASûGAINEDûûSOûFARû
THISûYEAR
BeiGene, an early-stage cancer drug
developer, joins a growing list of Chinese
BIOTECHûCOMPANIESûLOOKINGûTOûSELLûSHARESûINû
Hong Kong following the introduction of
NEWûRULESûEARLIERûTHISûYEAR
(ONGû+ONGSûEXCHANGEûOPERATORûLOOSENEDû
its rules to attract more listings from
Chinese new-economy companies,
INCLUDINGûTECHûlRMSûANDûEARLY
STAGEûDRUGû
DEVELOPERS
!CCORDINGûTOûAûREGULATORYûlLING û"EI'ENESû
internally developed lead drug candidates
are in late-stage clinical trials, and it is
MARKETINGûTHREEûIN
LICENSEDûDRUGSûINû#HINAû
from which it has been generating product
REVENUEûSINCEû3EPTEMBERû
4HEûCOMPANYûLOSTû53MûINûTHEûlRSTû
QUARTERûOFûûONûREVENUESûOFû53M

ASCLETIS COMPLETES LANDMARK IPO

ASCLETIS PHARMAûHASûRAISEDû(+BNû
53M ûFROMûAû(ONGû+ONGû)0/ ûTHEûCITYSû
lRSTûUNDERûNEWûRULESûDESIGNEDûFORûEARLY
STAGEûBIOTECHûCOMPANIES
The Chinese biopharma company sold
MûPRIMARYûSHARESûATû(+ûEACH ûTHEû
midpoint of an indicative price range of
(+nûAûSHARE ûACCORDINGûTOûPEOPLEû
CLOSEûTOûTHEûDEAL
4HEûlNALûPRICEûTRANSLATESûINTOûAûû0%û
MULTIPLEûOFû

4HEûBOOKSûWEREûMULTIPLEûTIMESû

oversubscribed with strong support from

global and regional long-only funds and

HEALTHCARE

FOCUSEDûFUNDSû!LLOCATIONûWASû

HEAVILYûSKEWEDûTOWARDSûLONG

ONLYûFUNDSûANDû

HEALTHCARE

FOCUSEDûFUNDSûWITHûTHEûTOPûû

INVESTORSûTAKINGûMOREûTHANûTWO

THIRDSûOFûTHEû

DEALûANDûTHEûTOPûûINVESTORSûTAKINGûABOUTû



The company brought in Singaporean

SOVEREIGNûWEALTHûFUNDû')#ûASûAûCORNERSTONEû

INVESTORûFORûANûINVESTMENTûOFû53M

!SCLETISûISûTHEûlRSTû)0/ûCANDIDATEûTOûTAKEû

ADVANTAGEûOFûANû!PRILûûRULEûCHANGEû

ALLOWINGûBIOTECHûlRMSûWITHûNOûPROlTSûORû

REVENUESûTOûLISTûINû(ONGû+ONG

There is an overallotment option of up to

MûSHARES

4HEûCOMPANYSûSHARESûWILLûSTARTûTRADINGû

ONû!UGUSTû

&OUNDEDûINûû(ANGZHOU

BASEDû

Ascletis manufactures anti-viral, cancer and

LIVERûDISEASEûDRUGS

China Merchants Securities, Goldman Sachs

and Morgan Stanley are joint sponsors for the

)0/

MINDRAY PLANS BIG CHINEXT IPO

SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS, a

Chinese manufacturer of medical

devices, has cleared a China Securities

2EGULATORYû#OMMISSIONûHEARINGûFORûAû

#HI.EXTû)0/ûWHICHûCOULDûRAISEû2MBBNû

53M    

4HEûPLANNEDûmOATûOFû-INDRAYûWHICHû

WASûDELISTEDûFROMûTHEû.EWû9ORKû3TOCKû

%XCHANGEûINû-ARCHûûISûSETûTOûBEûONEûOFû

THEûLARGESTûONû#HINASû.ASDAQ

STYLEû

#HI.EXTûBOARDûAFTERûTHEû2MBBNûLISTINGû

OFû#ONTEMPORARYû!MPEREXû4ECHNOLOGYû

#!4,   û#HINASûLARGESTûLITHIUMûBATTERYû

PRODUCERûINû*UNE

-INDRAYûSAIDûINûAûREGULATORYûlLINGûTHATûITû

PLANSûTOûSELLûUPûTOûMûSHARESûORûABOUTûû

of the enlarged share capital, to raise funds

for the development of eight projects

COSTINGûAûCOMBINEDû2MBBN

)TûISûUNCLEARûATûTHISûSTAGEûWHETHERû

-INDRAYSû)0/ûCANûREACHûITSûTARGETûSIZEû#!4,û

WANTEDûTOûRAISEû2MBBNûBUTûWASûFORCEDûTOû

CUTûITSûDEALûSIZEûBYûMOREûTHANûHALFûASûITûCOULDû

NOTûSELLûITSûSHARESûABOVEûTHEûREGULATORSû

UNWRITTENûVALUATIONûCAPûOFûûTIMESû

HISTORICALûEARNINGS

Mindray listed in the US in September



!CCORDINGûTOûTHEûlLINGû-INDRAYSûNETû

PROlTûROSEûûTOû2MBBNûINûûFROMûAû

YEARûEARLIERûWHILEûITSûREVENUEûGREWûûOVERû

THEûSAMEûPERIODûTOû2MBBN

The company still needs written approval

FROMûTHEû#32#ûBEFOREûITûCANûLAUNCHûTHEûDEAL

Huatai United Securities is the sponsor for

THEû)0/

AURORA MOBILE AND CANGO

UNDERSHOOT

AURORA MOBILE and CANGO have both raised

LESSûTHANûTARGETEDûFROMûTHEIRû53û)0/SûAFTERû

SELLINGûFEWERûSHARES

Aurora raised US$77m from a Nasdaq

)0/ûAFTERûSELLINGûMû!MERICANûDEPOSITARYû

shares at the bottom of an indicative

PRICEûRANGEûOFû53nûEACHû4HEû

3HENZHEN

BASEDûCOMPANYûALSOûKNOWNûASû

*IGUANGûORIGINALLYûPLANNEDûTOûSELLûMû

!$3S

4HEûlNALûPRICEûREPRESENTSûAûû0%ûOFû



Credit Suisse, Deutsche Bank and Goldman

SachsûWEREûTHEûBOOKRUNNERS

Meanwhile, Cango raised US$44m from a

.93%û)0/ûAFTERûCUTTINGûTHEûDEALûSIZEûBYûASû

MUCHûASûû4HEûCOMPANYûSOLDûMû

!MERICANûDEPOSITARYûSHARESûATû53ûEACHû

the mid-point of an indicative price range of

53nû)TûORIGINALLYûPLANNEDûTOûSELLû

Mû!$3S

4HEûlNALûPRICEûREPRESENTSûAûû0%ûOFû



Bank of America Merrill Lynch, Goldman Sachs

and Morgan Stanley were the joint

BOOKRUNNERS

VIVA BIOTECH FILES US$200m IPO

VIVA BIOTECH, a Chinese drug discovery

RESEARCHûSERVICEûHASûlLEDûAû(ONGû+ONGû)0/û

that aims to raise around US$200m,

ACCORDINGûTOûAûPERSONûCLOSEûTOûTHEûDEAL

CICC is the sole sponsor on the proposed

mOAT

As of April this year, the company had

NEARLYûûEARLY

STAGEûBIOTECHNOLOGYûANDû

pharmaceutical clients worldwide,

COVERINGûTHEûDEVELOPMENTûOFûûDRUGû

targets and more than 7,000 protein

STRUCTURES

!CCORDINGûTOûTHEûREGULATORYûlLINGûTHEû

company offers services that include

research, hit screening, lead optimisation

ANDûDRUGûCANDIDATEûDETERMINATIONû)TûALSOû

MAKESûSTRATEGICûEQUITYûINVESTMENTSûINû

POTENTIALûBIOTECHNOLOGYûSTART

UPS

The company posted total income of

2MBMû53M ûINûTHEûlRSTûFOURû

months of this year, compared with

2MBMûFORûTHEûSAMEûPERIODûLASTûYEARû)Tû

HADûTOTALûINCOMEûOFû2MBMûINûûUPû

FROMû2MBMûINû

#HAIRMANûANDû#%/û#HENEYû-AOûOWNSû

ûOFûTHEûCOMPANYûANDûNON

EXECUTIVEû

DIRECTORû*OHNû7UûHASûAûûSTAKE

0ROCEEDSûWILLûBEûUSEDûFORûEXPANDINGûTHEû

business to add more biotechnology Chinese

start-ups into the portfolio and beef up the

COMPANYSûCOMMERCIALûANDûRESEARCHû

capabilities in the biologics and chemistry

CONTRACTûMANUFACTURINGûORGANISATIONûSECTOR

EQUITIES ASIA-PACIFIC