China’s Orient Gene lists higher in Shanghai STAR Market debut

Medicine, biotechnology, DNA, genetics and healthcare. Image: Pixabay

Zhejiang Orient Gene Biotech Co., Ltd (Orient Gene), a gene therapy-focused biotech products manufacturer, made a stellar debut on the Shanghai Stock Exchange STAR Market with its scrip soaring 328 per cent and its market cap exceeding 11 billion yuan ($1.6 billion) in opening trade on Wednesday.

The company raised 637.5 million yuan ($91 million) in its initial public offering (IPO) on the bourse, per a statement. Orient Gene issued 30 million shares at 21.25 yuan apiece ($3).

The successful listing comes nearly nine months after the Shanghai Stock Exchange approved the company’s application. 

Orient Gene, known for gene-based in-vitro Diagnostic (IVD) and anti-oncology drugs, is engaged in the treatment areas related to infectious diseases, reproductive medicine, and cancer genetics. 

The company will use the proceeds to accelerate its point-of-care testing products portfolio and its R&D centre project.

Its prospectus indicated that the company derives its revenue primarily from the export of diagnostic devices to foreign medical equipment suppliers. In the first half of 2019, its export earning accounted for 94.10 per cent of its revenue at 157 million yuan ($22 million). Its products are exported to over 120 countries. 

 

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

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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.