HKEX Biotech Week 2019 began its premier event – the Biotech Summit - this morning with more than 1,000 world renowned scientists, biotech entrepreneurs, investors, technology experts and policymakers from around the world. The outlook of the global biotech sector and the business opportunities arising from cutting-edge biotechnology were just two of the many hot topics widely discussed today.
Hong Kong Chief Executive Carrie Lam delivered opening remarks at the Biotech Summit today, welcoming guests and delegates to Hong Kong, now the world’s second-largest biotech funding hub.
“The new listing regime was the most significant revamp of our listing rules in two decades,” she said, reminding the audience of Listing Rule reforms that opened the door for pre-revenue biotech companies on the Hong Kong capital market. “The ultimate goal, of course, is to encourage research breakthroughs that lead to successful products and flourishing businesses, rewarding investors as well as the biotech companies, while boosting Hong Kong's status as a biotechnology centre.”
HKEX Chairman Laura M Cha affirmed Hong Kong’s commitment to supporting the biotech industry. “Biotech harnesses the knowledge, creativity, and foresight of human beings through deep research, rigorous application and the adoption of state-of-the-art technology to improve the lives of individuals and communities across the world. But it has to be properly and adequately funded, with capital that can successfully assess potential and risk, and can price accordingly. And I can’t think of a more suitable place to do that than Hong Kong,” she said.
Chairman Cha added, “We operate a well-regulated and transparent market that adheres to international standards and best practices. It has won the trust and respect of issuers, investors and market participants from around the world.”
HKEX Biotech Week follows the success of the inaugural 2018 Biotech Summit, just as Hong Kong implemented new Listing Rules to welcome pre-revenue biotech and life sciences companies. One year has passed since new rules were introduced, with ten biotech companies, including seven pre-revenue biotech companies, having listed since then. They have raised a total of $33.8 billion.
“In a world where the population continues to grow, and in many places age at an unprecedented pace, how we fund, support and execute our drug development and healthcare provisions will be defining,” said HKEX Chief Executive, Charles Li.
“And Hong Kong – at the confluence of East and West, at the doorstep of the world’s second largest economy – is the natural home for facilitating a biotech community that can help address some of these pressing needs.”
The Biotech Summit also included a keynote speech by Founding President of Westlake University Yigong Shi on life sciences and biopharmaceuticals in Mainland China, and four lively panel discussions on the trends in global biotech developments. One particular panel, moderated by HKEX Chief Executive Charles Li, focused on ABCD and what that means for the future of healthcare delivery. ABCD is defined in the video below.
Other highlights of the week include some deep-dive workshops planned tomorrow to enable more in-depth discussions ranging from biotech valuations to biotech investment strategies. HKEX is throughout the week, also facilitating introductory meetings between biotech companies and potential investors.
Stay tuned for more updates.
