China’s COVID-19 vaccine developer Clover raises $240m in HK IPO

Chinese COVID19 vaccine developer Clover Biopharmaceuticals said on Thursday it raised $240 million in net proceeds in an initial public offering (IPO) of shares in Hong Kong.

Based on the offer price of HK$13.38 ($1.72) per share, the net proceeds from the IPO, after deduction of underwriting fees and other expenses, are estimated to be roughly HK$1.87 billion ($240.29 million), Clover said in a statement.

Debuting on Friday, shares of Clover traded as high as HK$13.56, 1.3% above the IPO price.

A large global trial showed that Clover‘s vaccine candidate was 67% effective against COVID19 of any degree of severity, and 79% against the highly infectious Delta variant, the company said in September.

The company has a deal to supply up to 414 million doses of its COVID19 vaccine through the global vaccine sharing scheme COVAX.

Clover said in its prospectus the majority of the proceeds would be used in the research, production and commercialisation of its core products.

Reuters

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.