Chinese biotech firm InnoCare delays HK IPO step on virus fears

Chinese biotech firm InnoCare Pharma Ltd. has decided to postpone investor meetings to gauge demand for its Hong Kong initial public offering amid the novel coronavirus outbreak, according to people familiar with the matter.

InnoCare had originally planned to start gauging demand next week, said the people, declining to be identified as the information is private. The widening coronavirus outbreak, which has killed more than 200 and sickened thousands, caused the company to put the plan on hold, the people said. The company had been planning to raise around $250 million from the IPO, Bloomberg News reported last year. An external representative for the company declined to comment.

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