Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. is planning a dual-listing of its shares on the Sci-Tech Innovation Board, the Shanghai Stock Exchange's new trading board for biotech companies.
The Hong Kong-listed company is also looking to raise proceeds of about 650 million Chinese yuan in an issuance of not more than 120 million A shares. The A shares will be offered to qualified price consultation participants and to other qualified investors of the Sci-Tech Innovation Board.
The company will use about 230 million Chinese yuan of the proceeds to register Hemoporfin, its drug used to treat a skin condition known as port wine stain, in the U.S. About 240 million Chinese yuan will go to its innovational research and sustainable development projects related to biological medicine.
Meanwhile, 180 million Chinese yuan is allocated for the acquisition of minor equity interests in Taizhou FudanZhangjiang Pharmaceutical Co. Ltd.
The shares issuance is subject to the receipt of approvals from the company's stockholders, China Securities Regulatory Commission and the Shanghai Stock Exchange. Following completion, the company's A shares will be listed and traded on the Sci-Tech Innovation Board.
As of March 13, US$1 was equivalent to about 6.71 Chinese yuan.