HutchMed (China) wins nod for HK listing

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Fiona Lau

US and London-listed HutchMed (China) has won approval from the Stock Exchange of Hong Kong for its proposed listing of about US$500m, according to people with knowledge of the matter.

The biopharmaceutical company, which counts CK Hutchison as its largest shareholder with a 44.7% stake, is planning to open books for the deal as early as next week.

CICC, Jefferies and Morgan Stanley are working on the float.

HutchMed, formerly known as Hutchison China MediTech, abandoned a Hong Kong listing attempt in 2019 because of choppy market conditions.

HutchMed CEO Christian Hogg said in an analyst briefing in March that the company continued to evaluate and observe equity capital markets in the context of a potential Asian listing including in Hong Kong or Shanghai.

One of the people said the company may consider a Shanghai Star IPO after the Hong Kong listing.

Hong Kong-headquartered HutchMed develops and commercialises targeted therapies and immuno-therapies for the treatment of cancer and immunological diseases.

HutchMed rose 0.2% in the US to US$30.59 at the time of writing on Thursday. The stock is down 4.7% this year.