Li Xiaojia predicts HK as biotech capital-raising hub
Tuesday, September 01, 2020
(The Standard by staff writer) – Hong Kong should and would become the world's biggest fundraising market for biotech companies in the next five to 10 years, says Charles Li Xiaojia, chief executive of Hong Kong Exchanges and Clearing (0388).
The city has become the second-largest market so far, but that is not enough, he said at the 2020 HKEX Biotech Summit.
Li also predicts that the aging population of China, as well as the increasing medical costs, would drive development of biotech.
Meanwhile, Zhang Lei, founder and chief executive of Hillhouse Capital Management, advised investing in biotech for the long-term.
The private equity firm invested in Beigene (6160) in 2012 when the valuation of the company was only less than US$100 million (HK$780 million), but now it exceed US$20 billion, he said.
Also, CanSino Biologics (6185) chief financial officer, Wang Jing, said the company plans to launch the clinical trial for the coronavirus vaccine and expects initial results in three to six months.
