The China Resources and Legend Holdings-backed vaccine technology developer floated in Hong Kong in a $97.7m offering following nearly $460m in funding.

Rec-Biotechnology (RecBio), the China-based vaccine developer backed by conglomerates China Resources and Legend Holdings, has raised HK$765m ($97.7m) in an initial public offering (IPO) on the Hong Kong Stock Exchange.

The company issued nearly 30.9 million shares priced at HK$24.80 each. Subsidiaries of pharmaceutical firm Yangtze River Pharmaceutical Group, investment manager Harvest Global Investments and venture capital firm Sequoia Capital China paid $53m to buy more than half of the issued shares as anchor investors.

Founded in 2012, RecBio focuses…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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