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China tech

China biotechs accelerate expansion with Shanghai board's debut

New Nasdaq-style market and regulatory reforms fuel sector's global ambition

A researcher at Hutchison China Meditech lab in Shanghai. (Photo by CK Tan)

SHANGHAI -- Nearly 30 startups in China's red-hot biotechnology sector are looking to list in Shanghai or Hong Kong over the next few months, including the highly anticipated IPO of Suzhou Zelgen Biopharmaceuticals, which has a pipeline of 11 novel drugs to treat cancer and other diseases.

The growing list of Chinese biotechnology startups looking to raise capital on equity markets now has an alternative to Hong Kong and New York -- China's own Nasdaq-style tech board. Of the 28 companies listed on the Shanghai Stock Exchange's Star Market, three are biotech startups with a combined market capitalization of 59 billion yuan ($8.3 billion) as of Monday.

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