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Report: Shenzhen Chipscreen Biosciences to list on new Shanghai tech board

Shenzhen Chipscreen Biosciences Co. Ltd. priced its IPO of newly issued shares at 20.43 Chinese yuan apiece, Reuters reported, citing a Chinese language stock exchange filing.

The IPO, which was oversubscribed by retail and individual investors, is expected to generate up to 1 billion yuan.

Chipscreen Biosciences is planning to list on the STAR Market, Shanghai's new trading board. The company's IPO — priced at 467.51 times its earnings in 2018 — is the highest so far on the platform, Reuters added.

Shenzhen, Guangdong province-based Chipscreen Biosciences is a biotechnology company developing small molecule medicines to treat cancer, as well as metabolic and autoimmune diseases.

Company founder Lu Xianping said during a July 30 roadshow that the offering's proceeds will be used to strengthen the company's competitiveness, expand its market share and develop new products as part of efforts to make growth sustainable, according to Reuters.

As of July 31, US$1 was equivalent to about 6.88 Chinese yuan.