The China Securities Regulatory Commission (CSRC) has approved BeiGene’s RMB 200 billion ($31 billion) initial public offering (IPO) on the Shanghai Stock Exchange’s STAR Market, meaning that the company is now the first Chinese biopharmaceutical business to be listed on the Chinese mainland, in Hong Kong and in the US, reports Caixin.
As the STAR Market’s listing committee cleared BeiGene’s IPO in June, the approval by the CSRC was the last step before the share sale. BeiGene still needs to set a debut date with the Shanghai Stock Exchange, along with its underwriters, and disclose the prospectus.
BeiGene, founded in 2010, focuses on developing molecularly targeted and immuno-oncology drug candidates for the treatment of cancers. The company raised $182 million in its IPO on the Nasdaq in 2016 and $902 million in its Hong Kong secondary listing in 2018.