What’s new: Vaccine-maker CanSino Biologics Inc. (688185.SH/6185.HK) is planning to issue global depositary receipts (GDRs) and float the securities on the SIX Swiss exchange, according to a Tuesday exchange filing.
Through the listing, the Chinese company hopes to tap new international financing channels, while improving its international brand to help with its overseas business development.
CanSino did not disclose the size of the offering, or how it plans to use the proceeds, but it is looking to “raise sufficient funds and financial resources” for its globalization strategy, which centers around the research and development, manufacture, and commercialization of innovative vaccines that meet Chinese and international standards.
The issuance plan first needs approval from shareholders as well as Chinese and Swiss financial regulators, the filing said.
The context: CanSino’s single-shot adenovirus Covid-19 vaccine has been approved for global emergency use by the World Health Organization. The inhaled version has got the green light from China’s regulators for use as a booster. It is also developing an mRNA shot, which is in mid-stage trials.
In the first three quarters of 2022, CanSino reported a net loss attributable to shareholders of 474.4 million yuan ($70 million), compared with a 1.3 billion yuan net profit for the same period the previous year as demand for Covid vaccines slowed and their prices dropped.
CanSino is the latest in a growing number of companies making use of the China-Swiss Stock Connect program, which was launched in July 2022. As of the end of December, nine Chinese issuers had listed GDRs on the Swiss bourse, while dozens have announced plans to raise funds in the same way.
Related: Second China-Made mRNA Covid Shot Approved Overseas
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and Jonathan Breen (jonathanbreen@caixin.com
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