China’s Tigermed appoints banks for $500m Hong Kong share sale

Photo: Tigermed's LinkedIn page

Hangzhou Tigermed Consulting Co., a Chinese clinical research service provider, has picked banks to arrange a Hong Kong share sale that could raise at least $500 million, people familiar with the matter said.

The Shenzhen-listed company has selected Bank of America Corp. and CLSA Ltd. to work on the stock offering, the people said, asking not to be identified because the matter is private. The Hong Kong listing could take place as soon as the second half of next year, according to the people.

Tigermed shares have more than doubled in Shenzhen trading this year, giving the company a market value of about 45.8 billion yuan ($6.5 billion). The benchmark ChiNext Index has risen 34% over the same period.

Health-care companies have completed $4.4 billion of first-time share sales in Hong Kong this year, up from $3.4 billion during the same period in 2018, according to data compiled by Bloomberg. Tigermed’s U.S. subsidiary, Frontage Holdings Corp., has risen 31% since its May IPO in Hong Kong.

Deliberations on Tigermed’s listing are at an early stage, and the fundraising target could change depending on its stock performance in the Shenzhen market, the people said. A representative for Hangzhou-based Tigermed didn’t immediately respond to requests for comment. Representatives for Bank of America and CLSA declined to comment.

Founded in 2004, Tigermed provides health-care companies services such as clinical trials, evaluation of generic drugs as well as statistical analysis, according to its website.

Bloomberg

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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.