Hong Kong Market Could Open Cash Flood Gates For Us Biotechs


– When U.S. biotech startup Sorrento Therapeutics named ex-Lehman Brothers executive Jiong Shao as its new finance chief about two months ago, it was widely seen as a move driven by his background in raising capital for Alibaba and Tencent.

Sorrento Therapeutics Inc is among a few early-stage U.S. biotechs wary of being overlooked in a crowded New York stock market and looking at listing itself in Hong Kong as Asia’s financial center rolls out the red carpet with a drastic overhaul of listing rules.

Striving to catch up with New York and Shanghai as an IPO hotspot, the Hong Kong Stock Exchange announced new policies late last year that actively court biotech companies, including those that do not have a drug on the market.

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