Biotechnology groups listed in Hong Kong have tapped funds at a record pace in 2021 as buoyant markets and rising interest from global investors bolster the Asian bourse’s challenge to Wall Street’s hold on the sector.
Follow-on equity issuance by biotech companies listed in the city has hit $4.1bn this year, according to data provider Dealogic. That is equivalent to more than 60 per cent of the total for all of 2020.
The flurry of follow-on issuance — share sales by groups that are already listed — comes as Hong Kong seeks to break the dominance of New York’s Nasdaq as the global hub for biotech finance. Groups in the industry have raised $6.3bn via follow-on funding on the US exchange in 2021.
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