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诱惑还是泡沫?港交所新规对海外生物科技公司吸引力仍待观察

2018-06-14 邓鹏卓 健康点healthpoint

港交所的橄榄枝不仅仅伸向内地的生物医药创新公司,也伸向了全球的创新公司。但是香港市场可能存在的风险的依然难以忽视。缺乏相关领域专业知识和经验、散户市带来的泡沫风险等都是这些潜在独角兽企业担忧的问题。

港交所的橄榄枝不仅仅伸向内地的生物医药创新公司,也伸向了全球的创新公司。但是香港市场可能存在的风险的依然难以忽视。缺乏相关领域专业知识和经验、散户市带来的泡沫风险等都是这些潜在独角兽企业担忧的问题。

继歌礼生物赴港上市一个月后,6月6日,内地专注糖尿病药物研发公司华领医药(Hua Medicine)也向港交所递交了主板上市申请,成为第二家利用新规则赴港上市的尚未盈利的中国大陆生物医药公司。华领医药能够赴港上市,得益于今年的港股IPO新规,为无营收生物科技公司开启了一条绿色通道。在成功吸引了中国内地药企后,港交所更是把目光投向了国外,而港股新规对于海外生物科技公司的吸引力有多大?香港能否成为生物技术行业的投资中心?这些可能都还是未知数。

瞄准海外市场 港交所为引入海外公司频频造势

据美国生物医药行业媒体STAT报道,在上周于波士顿举办的2018国际生物技术大会(BIO International Convention)上,港交所派出代表团参会,为引入海外生物科技企业上市造势。此外,港交所还联合了香港科技园(HKSTP)在当地进行了一场路演,旨在介绍香港的生物科技和医疗健康投资环境,以及作为支撑的相关基础实施和附加服务。

事实上,这并非其今年以来首次面向海外医药市场推广IPO新政。《香港经济日报》称,早在今年3月,港交所就在加强海外推广,以容纳尚未盈利的生物科技企业。继年初赴美参与JP摩通健康产业大会后,又派员到东京举行的BIO亚洲国际论坛,向生科业界介绍香港新制。

那么,面对港交所抛出的橄榄枝,海外生物医药企业是否欣然买账?

事实好像并不乐观。早在今年二月,市场就传言Illumia旗下的癌症检测公司Grail有望在今年内赴港上市。根据Mergermarket的消息,Grail已经从高盛和摩根士丹利聘人,为今年晚些时候的香港上市做准备。

但是其他外资生物医药企业对于赴港IPO的态度仍不明朗,在上周三港交所联合香港科技园赴波士顿的路演中,一位来自美国ATyr制药公司的投资者关系主管表示,他们目前还不考虑前往香港上市,但会派人在香港收集信息。

位于美国圣地亚哥市的ATyr制药是一家专注于基因疗法的生物科技和生物制药公司,早在2015年就已经在纳斯达克上市,并且在香港拥有一批初期研发人员……从诸多条件来看,都可谓是港交所眼中的“香饽饽”。但尽管如此,ATyr制药方面表示,“会对市场环境和融资机会做进一步了解,不过现阶段还在观察中。”

不止ATyr制药一家外资生物科技公司回避谈及赴港上市的计划,在周三的波士顿路演上,融资总额超过16亿美元的美国生物科技独角兽Moderna Therapeutics也表示,尚不考虑在美国以外地区上市。而此前《华尔街日报》曾透露,这家被喻为有史以来更有价值的生物科技公司正考虑最早于2019年在纳斯达克和香港两地双重上市。

赴港IPO担忧如何化解?

之所以海外生物医药企业在赴港上市的计划上有所迟疑,不排除他们对于香港市场可能存在的风险的担忧。其中,最受外媒诟病的一点是,由于缺乏相关领域专业知识和经验可能带来市场上泡沫的加剧。路透社指出,“香港只有不到20位专门从事该生物医药行业的经验丰富的上市专家。”而生科企业属高风险投资,对投资人和证券市场监管机构的专业性有较高要求,相关领域专业人才的不足可能将对市场的平稳运行和长远发展产生影响。前摩根大通投行亚太区主席顾宏地曾表示,由于香港此前没有允许“收入前”生物技术公司上市的经验,因此市场需要一定的时间来积累相应的知识和经验。

面对外界的质疑声,港交所高级副总裁陈文栋(Michael Chan)在路演中表示,他们目前正分步采取行动以加强对生物技术专业度的内部覆盖,包括聘请博士和生物技术专家,成立生物技术顾问小组,用于对拟上市公司的备案和程序审查;此外,他们还会在上市委员会中邀请生物技术专家,以加强上市审批的专业性。“我们决心建立必要的基础设施,把香港打造成为一个有竞争力的生物技术中心,同时也确保港交所平台的持续发展。”陈文栋说。

除了来自港交所的承诺,一些来自外部的分析人士也建议海外生物医药企业从更加综合的角度来权衡赴港IPO的利弊。美国重达律所(Jones Day)的银行家Alan Seem认为,一方面,赴港上市存在不可否认的风险,因为当有更多来自香港和中国内陆的散户参与市场时,往往可能带来本土市场的波动。但从另一方面来看,进入香港市场也可能意味着获得更高的估值,为公司增加收益。

香港能否借新规成为生物技术行业的投资中心?顾宏地认为,“美国的股票市场花费了近20年的时间,才为生物技术公司建立了成熟的投融资环境,香港要成为新的投资中心,可能也需要数年时间,但是鉴于生物技术产业的快速发展,我相信这一进程会比从前大大缩短。”

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    2019-04-30 lishizhe
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    2018-06-24 gaoxiaoe
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  5. [GetPortalCommentsPageByObjectIdResponse(id=1748930, encodeId=2c241e48930d9, content=<a href='/topic/show?id=e4d6655811a' target=_blank style='color:#2F92EE;'>#海外#</a>, beContent=null, objectType=article, channel=null, level=null, likeNumber=69, replyNumber=0, topicName=null, topicId=null, topicList=[TopicDto(id=65581, encryptionId=e4d6655811a, topicName=海外)], attachment=null, authenticateStatus=null, createdAvatar=null, createdBy=82fd36209189, createdName=lishizhe, createdTime=Tue Apr 30 00:01:00 CST 2019, time=2019-04-30, status=1, ipAttribution=), GetPortalCommentsPageByObjectIdResponse(id=1994020, encodeId=6071199402088, content=<a href='/topic/show?id=c5b8394060c' target=_blank style='color:#2F92EE;'>#吸引力#</a>, beContent=null, objectType=article, channel=null, level=null, likeNumber=0, replyNumber=0, topicName=null, topicId=null, topicList=[TopicDto(id=39406, encryptionId=c5b8394060c, topicName=吸引力)], attachment=null, authenticateStatus=null, createdAvatar=, createdBy=148754, createdName=gaoxiaoe, createdTime=Sun Jun 24 09:01:00 CST 2018, time=2018-06-24, status=1, ipAttribution=), GetPortalCommentsPageByObjectIdResponse(id=2005231, encodeId=67ad2005231e3, content=<a href='/topic/show?id=3b8b6941646' target=_blank style='color:#2F92EE;'>#生物科技#</a>, beContent=null, objectType=article, channel=null, level=null, likeNumber=73, replyNumber=0, topicName=null, topicId=null, topicList=[TopicDto(id=69416, encryptionId=3b8b6941646, topicName=生物科技)], attachment=null, authenticateStatus=null, createdAvatar=, createdBy=71f1477, createdName=s_pl2008, createdTime=Tue Feb 26 18:01:00 CST 2019, time=2019-02-26, status=1, ipAttribution=), GetPortalCommentsPageByObjectIdResponse(id=1649095, encodeId=6aef16490957e, content=<a href='/topic/show?id=9ff86633e52' target=_blank style='color:#2F92EE;'>#港交所#</a>, beContent=null, objectType=article, channel=null, level=null, likeNumber=100, replyNumber=0, topicName=null, topicId=null, topicList=[TopicDto(id=66337, encryptionId=9ff86633e52, topicName=港交所)], attachment=null, authenticateStatus=null, createdAvatar=null, createdBy=769a23737409, createdName=gracezdd, createdTime=Fri Aug 31 12:01:00 CST 2018, time=2018-08-31, status=1, ipAttribution=), GetPortalCommentsPageByObjectIdResponse(id=1574361, encodeId=43cd15e43615f, content=<a href='/topic/show?id=3c2c586e23f' target=_blank style='color:#2F92EE;'>#新规#</a>, beContent=null, objectType=article, channel=null, level=null, likeNumber=62, replyNumber=0, topicName=null, topicId=null, topicList=[TopicDto(id=58672, encryptionId=3c2c586e23f, topicName=新规)], attachment=null, authenticateStatus=null, createdAvatar=null, createdBy=a2ca16016783, createdName=xsm923, createdTime=Sat Jun 16 01:01:00 CST 2018, time=2018-06-16, status=1, ipAttribution=)]
    2018-06-16 xsm923
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