Innovent Biologics Plans Hong Kong IPO to Raise $423 Million, Despite Global Downturn

This summer, the Hong Kong stock exchange created a new set of rules that allowed Chinese biotech companies to launch initial public offerings (IPOs) when they have not made a profit or brought in revenue yet. That’s a condition that applies to most biotech companies. The Nasdaq is the biggest center for biotech IPOs, but the Hong Kong stock exchange created the changes to try and compete.