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Shanghai Fosun unit considering Hong Kong IPO

Shanghai Fosun Pharmaceutical (Group) Co. Ltd. unit Shanghai Henlius Biotech Inc. is considering an IPO in Hong Kong that could raise at least $500 million, Bloomberg News reported, citing anonymous sources.

People familiar with the matter told Bloomberg News that the company is considering selling shares as soon as the second half of 2018.

The move could allow the biotech company to take advantage of proposed Hong Kong listing rules aimed at attracting biotechnology firms.

In December 2017, the Stock Exchange of Hong Kong said it would require pre-revenue companies listing under the new biotech chapter to have a minimum expected market capitalization of HK$1.5 billion.

Shanghai Henlius has not made a final decision on the listing and may consider other overseas exchanges, the news outlet reported.