Li Ka shing-backed cancer drug developer delays Hong Kong IPO

Hong Kong. Photo by SHUJA ZED on Unsplash

Hutchison China MediTech Ltd., a cancer drug developer backed by billionaire Li Ka-shing, is delaying the launch of its Hong Kong share sale that could raise about $500 million, people with knowledge of the matter said.

The company is looking for an appropriate window to kick off the deal amid recent market uncertainties, the people said, asking not to be identified because the information is private. The massive protests in Hong Kong against an unpopular China-backed extradition legislation also contributed to investor unease, one of the people said. The company had initially planned to sell shares in June, according to another person.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter