Chinese IPOs return to New York with a whimper [Reuters]
LianBio (LIAN)
Company Research
Source: Reuters
Shares of LianBio (LIAN.O) fell 14% on their first day trading in New York on Monday after raising $325 million. It touts a foreign domicile and U.S. backers but most of its business is in the People's Republic. Investors who once loved such hybrids have good reason to distrust them now. On paper, LianBio's corporate structure straddles a geographic fence. The biotechnology company, founded by a U.S. private equity firm, is incorporated in the Cayman Islands and headquartered in both Shanghai and Princeton, New Jersey. Unlike the majority of New York-listed Chinese outfits, LianBio relies on local subsidiaries to run its China operations instead of using a complex offshore structure known as variable interest entities. It also does not handle sensitive data and uses American auditors. Such a construct might have been more welcomed by investors. Since ride-hailing group Didi Global's (DIDI.N) catastrophic listing in late June, regulators in Beijing have been cracking down on VIEs r
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LIAN
News
- LianBio Announces Voluntarily Delisting from Nasdaq [Yahoo! Finance]Yahoo! Finance
- LianBio Announces Voluntarily Delisting from NasdaqGlobeNewswire
- With No Cure In Sight, Drugs Firm LianBio Begins Exit Strategy [Seeking Alpha]Seeking Alpha
- LianBio Shares Gain After Co Announces Plans to Wind Down [MarketWatch]MarketWatch
- LianBio to Wind Down Operations, Declares Special Dividend [MarketWatch]MarketWatch
LIAN
Sec Filings
- 3/13/24 - Form EFFECT
- 3/12/24 - Form F-6
- 3/12/24 - Form S-8
- LIAN's page on the SEC website