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Guangzhou offers lots of carrots to win over international biotech players in race to catch up with Beijing and Shanghai

The southern Chinese city of Guangzhou thinks it has found the formula to catch up with Beijing and the eastern cities of Shanghai and Suzhou in the development of novel drugs: incentives to win over big international players. Government incentives have attracted investment from such companies as GE Healthcare, a subsidiary of American conglomerate General Electric that focuses on medical imaging and diagnostics equipment and bio-pharmaceutical manufacturing technologies. GE is building its first Asia biotech campus – covering 350,000 square metres and requiring 800 million yuan of investment – in…

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Chinese AI, biotech talent in line for biggest increase in bonuses, according to survey

Workers in China’s hi-tech industries will see the biggest increase in bonuses across sectors for 2018, defying a slowdown in economic growth, according to a survey released by state-owned human resources consultancy China International Intellectech on Wednesday. The average bonus for employees of companies in industries such as artificial intelligence, biotechnology and new energy will rise by 12 per cent from 2017 to 29,836 yuan (US$4,353), according to the survey. 2019 China tech look ahead: trade war likely to cast a shadow as AI, e-commerce, smartphone progress continues The survey…

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Why this Hong Kong tycoon’s family backed biotech firm ditches the city for Nasdaq listing

Stealth BioTherapeutics, a US-based mitochondrial diseases drug developer backed by Hong Kong property developer Hang Lung Group’s Chan family, has ditched its listing plan in the city for a flotation in the disclosure-based Nasdaq market that has fewer time-consuming approval hurdles. The move comes after a sharp correction of pharmaceutical and biotechnology stocks in Hong Kong triggered by price cuts of major drugs in China brought about by reforms. The soured investor sentiment for such stocks is a blow to Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia’s…

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Leading Chinese biotech firm Wuxi AppTec says US hurdles will not dim acquisition appetite

Tighter US government scrutiny of Chinese investment in US biotechnology companies will not dent its interest in pursuing investment opportunities there, said executives of Wuxi AppTec, Asia’s largest provider of contract pharmaceutical research. “It is not a problem, we will just make the necessary filings according to the legal requirements,” board secretary Yao Chi said at a press conference on Friday to announced the company’s Hong Kong listing plan. The Shanghai-based firm aims to raise up to US$1 billion from the IPO. The company said about 30 per cent of…

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Money 

Changsheng Bio-tech, the vaccine maker behind China’s latest public health scare

Propelled by government subsidies, aggressive marketing and – according to court documents – even bribery, drug maker Changchun Changsheng Bio-technology has seen years of robust growth and big profits. But after it was exposed supplying ineffective DPT (diphtheria, whooping cough and tetanus) vaccines to be used on babies as young as three months old, and forging data for its rabies vaccines, the company now faces the wrath of China’s leadership and millions of parents. Premier Li Keqiang on Monday called for an immediate investigation into the substandard vaccines, saying the…

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Investment 

Hong Kong’s first biotech dual listing runs headlong into a case of bad timing as market slumps

BeiGene, the first Nasdaq-listed pharmaceutical firm to seek a dual listing in Hong Kong, is being buffeted by headwinds that combined a stock market slump with rising cost of money, a vaccine scandal and a trade war between the world’s two biggest economies. Retail investors are showing little interest in the Hong Kong stock offer by the eight-year-old company. As of Thursday morning, five major stockbrokers active in margin financing showed their combined margin lending for investors in the IPO stood at only HK$250 million. Brokers estimate the retail tranche…

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Money 

Chinese actor Huang Xiaoming issues denial and apology over links to stock price manipulation and scandal-hit vaccine maker Changsheng Bio-tech

Huang Xiaoming, one of China’s highest paid male actors, has denied being involved in stock price manipulation and investing in a vaccine maker found by the Chinese regulator to have produced substandard products – but apologised for his “indiscretion in wealth management” after the revelation of his link to a private wealth manager found guilty of manipulating prices. A statement on social media by the actor, who has been referred to as China’s Brad Pitt, just after midnight on Wednesday came after The Economic Observer, a Chinese-language weekly, reported that…

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