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Report: Chinese drug developers Suzhou Kintor, Frontier exploring Hong Kong IPOs

Chinese drug developers Suzhou Kintor Pharmaceuticals Inc. and Frontier Biotechnologies Co. Ltd. are exploring IPOs on the Hong Kong stock exchange, Bloomberg News reported citing sources.

The offerings, which could raise $300 million for each company, would take advantage of the recently relaxed listing rules for biotechnology companies, the news outlet added.

The new rules from Hong Kong Exchanges & Clearing Ltd. encourage biotech companies that are not yet generating revenue or profit to list in Hong Kong.

The IPOs, which could be completed as soon as this year, are at an early stage and details of the offerings could change, Bloomberg News added.

While Suzhou Kintor is developing treatments for cardiovascular diseases and cancer, Frontier Biotechnologies recently gained approval for the first new HIV medicine discovered and developed in China.

Other biotech companies which have recently completed Hong Kong listings under the new rules include Ascletis Pharma Inc. and BeiGene Ltd.