HKEX, HKSTP partner to beef up biotech, fintech initiatives
The MoU is intended to enhance Hong Kong’s standing as a biotech funding hub.
The Hong Kong Exchange and Clearing Limited (HKEX) has signed a memorandum of understanding (MoU) with the Hong Kong Science and Technology Parks Corporation (HKSTP) to further explore initiatives in biotech and fintech.
Under the MoU, the HKEX will have access to HKSTP’s deep pool of biotech industry experts to assist in its review of biotech listing applications.
HKSTP is also expected to assemble a team tasked to share knowledge and expertise with HKEX by providing advice on an “as needed” basis.
This is intended to aid HKEX in maintaining its standards of investor protection and leadership as the world’s number 2 biotech funding hub.
“This partnership creates the ideal investment platform and innovation ecosystem for the best local and international ventures to succeed and elevate Hong Kong’s position as a global biotech and fintech leader,” HKSTP CEO Albert Wong said in a statement.
HKEX recently marked the third anniversary of major listing reforms that included permitting listings of pre-revenue biotech issuers.
Hong Kong has become the world's second-largest biotech fundraising hub, welcoming 73 healthcare and biotech listings that raised $227b since the reforms took effect.
As of August 2021, over 50 healthcare companies had submitted listing applications.
On top of biotech expertise sharing, the MoU provided that the two parties collaborate to explore other opportunities for cooperation, and studying the feasibility of a financial data research platform for advanced data analysis.