End of the roadshow

12 March 2020 By Alec Macfarlane

Oodles of time and money is spent sending executives and bankers around the world to sell stock. China’s InnoCare Pharma is doing things differently, by marketing its Hong Kong IPO virtually. With balance sheets and carbon footprints in focus, the model may last beyond Covid-19.

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InnoCare Pharma, a Chinese biopharmaceutical company that develops drugs for the treatment of cancer and autoimmune diseases, has launched a Hong Kong initial public offering of up to HK$2.24 billion ($288 million), according to a March 11 stock exchange filing.

The company is marketing the deal through video or telephone calls, a person familiar with the matter told Breakingviews, avoiding face-to-face meetings to deal with coronavirus fears.

China Bright Culture Group raised HK$900 million from a Hong Kong IPO without any of the usual face-to-face meetings, Reuters reported on March 7, citing unnamed sources.

The company didn’t hold in-person meetings, instead communicating with investors in as many as eight video or telephone conference calls per day, the report added.

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