BayHelix releases survey results for Hong Kong stock exchange proposals
Results from a BayHelix Group survey show 85% of 117 respondents believe shares purchased by “cornerstone investors” should be included in the book-building process for biotechs looking to list on Hong Kong Exchanges and Clearing Ltd. (HKEX). The exchange has proposed excluding IPO shares bought by such investors from the initial 25% minimum public float requirement.
The proposals, part of a modernization campaign by the exchange aimed at keeping “new economy” companies at home, offer suitability tests, guidances, listing requirements and shareholder protections that spell out criteria for determining suitability for public listing while aiming to reduce risks. The exchange released a preliminary concept paper last June, followed by an initial report in December and a February draft consultation paper with the proposals (see BioCentury, March 16)...