China Digest: Abbisko raises $225m in HK IPO; Trustar Capital backs Intramco

Source: Laurynas Mereckas/Unsplash

Chinese biopharmaceutical firm Abbisko Therapeutics has floated shares in Hong Kong, while Trustar Capital has invested in Netherlands’ electric vehicles (EV) charging components major Intramco.

Abbisko goes public via $225m HK IPO

Abbisko Therapeutics, a Chinese clinical-stage biopharmaceutical firm, has raised about HK$1.754 billion ($225.4 million) in an initial public offering (IPO) on the main board of the Hong Kong stock exchange to advance its drug candidates.

Abbisko, whose investors include Carlyle Group and Warburg Pincus, sold approximately 141 million shares at a price of HK$12.46 ($1.6) apiece on October 15. The IPO pricing was at the top end of its indicative range of HK$12.16 to HK$12.46, giving the firm a market cap of close to HK$8.8 billion ($1.1 billion).

Shanghai-based Abbisko raised $123 million in a Series D round in January led by Carlyle Group, Warburg Pincus, OrbiMed, and Lake Bleu Capital. Other existing shareholders include Singapore state investor Temasek Holdings, Lilly Asia Ventures, Qiming Venture Partners, and CICC Capital.

The IPO proceeds will be used to invest in the firm’s ongoing and future R&D, pre-clinical studies, the construction of manufacturing facilities and the lease of new R&D facilities, according to its prospectus.

Founded in 2016, Abbisko is focused on the discovery and development of small molecule oncology therapies to address unmet medical needs for patients in China and worldwide. It has built a pipeline of 14 oncology drug candidates, including five at the clinical stage.

As the firm has yet to commercialise any of its pipeline products, it generated R&D expenses of 132.7 million yuan ($20.6 million) and 81.5 million yuan ($12.7 million) in 2020 and 2019, respectively. In the first three months of 2021, its R&D expense stood at 38.1 million yuan ($5.9 million).

Trustar Capital closes strategic investment in Dutch Intramco 

Trustar Capital, a private equity affiliate of Chinese state-backed CITIC Capital Holdings Limited, has made an undisclosed sum of strategic investment in the Netherlands’s Intramco Europe B.V.

Almere-based Intramco is a leading supplier of electric vehicle (EV) charging components. Set up in 1994, it produces a matrix of products such as EV charging cables and plugs for original equipment manufacturers and charging station clients. It also established its production facility in Shanghai. 

Trustar Capital, formerly known as CITIC Capital Partners, conducted the investment through its fourth China buyout fund. Latham&Watkins, Han Kun and NautaDutilh were legal advisors of the deal, while KPMG acted as financial advisor, per a company statement on Monday. 

The cross-border investment comes at a time when the global EV industry is developing rapidly. The European Union has proposed a 55% cut in CO2 emissions from automobiles by 2030, and China is calling for carbon neutrality by 2060. 

In wider partnership, Trustar Capital will help Intramco expand its market in China, it said. 

With $7.7 billion in assets under management, Trustar Capital has focused on control buyout investments globally. It has so far completed over 80 investments across China, Japan, the US and, Europe. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.