HKEX welcomes around 600 delegates at inaugural Biotech Summit
Changing global biotech landscape, fundraising options among discussion topics
HKEX signs MOUs with leading biotech industry groups to strengthen ties and cooperation
Hong Kong Exchanges and Clearing Limited (HKEX) on Thursday hosted the first-ever HKEX Biotech Summit, an event that connects key industry leaders with the investment community so they can share views on the latest biotech innovations and ways to finance the fast-growing sector.
Hong Kong Financial Secretary Paul Chan delivered the opening remarks at the 2018 summit, which was attended by around 600 guests and delegates that included senior executives from biotech firms and industry groups, as well as institutional investors, analysts and other market participants. Key themes for this year’s summit focused on the changing global biotech landscape, as well as recent advances in China’s biotech industry and the challenges that lie ahead.
“As one of the world’s leading financial capitals, and China’s international financial centre, Hong Kong is indisputably well suited to meet the varying financial needs of biotech companies, whatever their size and whatever their stage of development. We certainly have the prime prerequisites for playing a hub role in biotech,” said Hong Kong Financial Secretary Paul Chan.
Securities and Futures Commission (SFC) Chairman Carlson Tong and SFC Chief Executive Officer Ashley Alder also addressed the conference along with biotech industry leaders.
The conference included lively panel discussions on the varying trends in Asia and China’s biotech developments compared with those in the West, and the various options for fundraising in a sector that has deep capital needs as it pursues research and development.
“Today is a milestone for HKEX, as this is the first biotech event we have ever hosted. We are very pleased that we have brought together many of the brightest and most experienced professionals in the biotech industry to share thoughts and discuss ideas for the best way forward,” said HKEX Chairman C K Chow. “Together we can build a vibrant and sustainable biotech ecosystem in Hong Kong.”
On the sidelines of the Biotech Summit, HKEX signed memoranda of understanding (MOUs) with four leading biotech industry associations to strengthen mutual communication and cooperation, and support listings of biotech firms in Hong Kong. The industry groups are: China Pharmaceutical Innovation and Research Development Association; The BayHelix Group; China HealthCare Investment 50 Forum; and Taiwan’s Institute for Biotechnology and Medicine Industry.
“We are now seeing big trends emerging that will drive significant development and massive need for capital in the biotech sector: breakthroughs in global biotech innovation, an aging population in many countries, particularly China, as well as China’s biotech industry reform. Capital markets should be tapped in order to truly leverage on those developments,” said HKEX Chief Executive Charles Li.
“The summit today underscores significant interest among the biotech industry and the financial community. At HKEX, we are putting together the final pieces of a transformation plan for Hong Kong’s listing regime that will enable pre-profit and pre-revenue biotech issuers that meet certain requirements to list here. I have no doubt that Hong Kong is perfectly positioned to become a major financial hub for the biotech sector,” he added.
On Friday, The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of HKEX, will conclude its public consultation on proposed new rules to facilitate listings of companies from emerging and innovative sectors, which include pre-profit or pre-revenue biotech firms, and provide a unique capital-raising platform for the industry while ensuring appropriate investor protection*.
The Exchange expects the consultation conclusions to be issued in late April at the earliest, following which it hopes to start accepting formal listing applications under the new regime.
* The consultation paper is on the HKEX website. The deadline for comments is 23 March 2018.
HKEX Chairman C K Chow welcomes delegates and guests, saying he looks forward to building a vibrant and sustainable biotech ecosystem together with them in Hong Kong.
Financial Secretary Paul Chan said he sees Hong Kong playing a hub role in biotech, as he delivered opening remarks at the HKEX Biotech Summit 2018.
In his keynote speech at the HKEX Biotech Summit 2018, HKEX Chief Executive Charles Li said that capital markets should be tapped in order to truly leverage on the biotech sector’s developments.
HKEX Chief Executive Charles Li hosted a panel discussion with biotech CEOs at the HKEX Biotech Summit 2018.
Securities and Futures Commission Chairman Carlson Tong delivering remarks at the HKEX Biotech Summit 2018.
Securities and Futures Commission Chief Executive Officer Ashley Alder addresses delegates at the HKEX Biotech Summit 2018.
At the Biotech Summit, HKEX signed separate memoranda of understanding (MOU) with four leading biotech industry associations in the region. A group photo was taken after the signing ceremony. HKEX Chairman C K Chow (centre), Chief Executive Charles Li (third from right) and Head of Mainland Development Mao Zhirong (second from left) posing for a group photo with Yang Pan-chyr, Vice President of Taiwan’s Institute for Biotechnology and Medicine Industry (first from left); Song Ruilin, Executive President of China Pharmaceutical Innovation and Research Development Association (third from left); Victor Shi, Chairman of the BayHelix Group (second from right) and Lv Mingfang, Chairman of China HealthCare Investment 50 Forum (first from right).
Around 600 guests and delegates attended the inaugural HKEX Biotech Summit on 22 March 2018.