Reports say Innovent seeking $422M IPO in Hong Kong

Innovent Biologics Inc. (Suzhou, China) did not respond to inquiries regarding reports that the company is seeking to raise $422 million in an IPO on the Hong Kong stock exchange, which would value the company at $2 billion.

The company filed to list on the exchange in June under the new Hong Kong Exchanges and Clearing Ltd. (HKEX) prerevenue biotech chapter. Hong Kong market watchers think domestic innovators like Innovent, Ascletis Pharma Inc. (HKSE:1672) and Hua Medicine Ltd. (HKEX:2552) will serve as harbingers of investor appetite (see "Hong Kong's First Wave")...