By Fiona Lau
HK is formulating new rules for early-stage drug developers in an effort to woo companies in the fast-growing sector.
Known as FII, the business could command a valuation of as much as 400 billion yuan by some estimates — on par with Sony Corp.
The disposals, driven by a liquidity squeeze at HNA, have mainly been real estate and shares.
Tencent had announced a $632 million investment in Huya’s rival Douyu the same day.
Two-fifths of unicorns across the globe call China home. Their absence is sapping life from the world’s second largest stock market.
Global beer giants such as Heineken, AB InBev and Carlsberg are facing fierce competition from local rivals and each other in emerging markets.
The announcement comes weeks after HNA sold two pieces of nearby land to local billionaire Lee Shau Kee’s Henderson Land Development for about $2 billion.
The firm will use the funding to advance its cancer treatment clinical programme, develop a therapeutic pipeline and build a new manufacturing facility.
Any deal would add to the $13.2 billion of announced food-related acquisitions involving Chinese firms over the last 12 months.
Douyu has raised $632 million in a Series E round of funding led by Tencent Holdings.