Chinese vaccine maker to raise $141.3m from STAR Market
CanSino Biologics Inc, the Chinese mainland's first vaccine maker listed in Hong Kong, plans to file for a listing on Shanghai's tech-focused STAR Market, or the sci-tech innovation board, in the hope of raising about 1 billion yuan ($141.33 million).
The biotech company announced on Monday that it planned to issue up to 24.8 million shares in the Shanghai offering, and the money raised would be used for constructing its production base, boosting vaccine research and development, cold chain logistics, and information system construction, among others.
Following the announcement, the company's share price soared by 14.57 percent during trading before closing 8.14 percent higher on Monday at HK$37.85 ($4.83).
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