US and London-listed HutchMed (China), which counts CK Hutchison as its largest shareholder, is planning to seek approval as early as this week for a US$500m Hong Kong listing, said people with knowledge of the matter.
The biopharmaceutical company is working with CICC, Jefferies and Morgan Stanley on the planned float, said the people.
HutchMed, formerly known as Hutchison China MediTech and in which CK Hutchison holds a 44.7% stake, filed for a Hong Kong listing in April 2019, but the deal did not materialise because of choppy market conditions.
HutchMed CEO Christian Hogg said in an analyst briefing on March 4 that the company continues to evaluate and observe equity capital markets in the context of a potential Asian listing including in Hong Kong or Shanghai.
One of the people said the company may consider a Shanghai Star IPO after the Hong Kong listing.
A spokesperson for HutchMed declined to comment.
Hong Kong-headquartered HutchMed develops and commercialises targeted therapies and immuno-therapies for the treatment of cancer and immunological diseases.
The US shares of HutchMed fell 0.7% to US$30.09 on Friday and the stock is down 6% this year. It had a market capitalisation of US$4.4bn.