HaiHe's listing recipe

While a recent mega-round raised by HaiHe could position the Shanghai-based company to go public this year, lead investor Huagai Capital is not looking for an exit at least until the company’s first products hit the market.

Shanghai HaiHe Biopharma Co. Ltd., which expects its February $147 million A round to provide at least two years of runway, is considering listing in Hong Kong or on Shanghai’s new science and technology board as early as mid-year...