Temasek-backed vaccine maker Jiangsu Recbio files for HK IPO

Signage for HKEx, Hong Kong’s stock exchangeSignage for HKEx, Hong Kong’s stock exchange

Singapore state-owned investment company Temasek Holdings holds 2.68 percent of vaccine developer Jiangsu Recbio Technology, or 12 million pre-listing shares, according to the initial public offering (IPO) prospectus filed with the Hong Kong Exchange last week.

The prospectus has redacted details, such as the conversion rate into common shares once the company is listed as well as the planned pricing.

The shares are held via Springleaf Investments, which is wholly owned by Anderson Investments, which in turn is wholly owned by Temasek.

In May, the company raised 965 million yuan in a series C round, with Springleaf Investments acquiring 1.2 million shares for 240 million yuan, according to the prospectus. Lake Bleu Capital and Temasek led the round, according to Crunchbase data.

Other investors in the round included Legend Capital, LYFE Capital, E Fund Management, Boyu Capital and Sequoia Capital China, Crunchbase’s data show.

Jiangsu Recbio plans to have two share classes, H-shares listed in Hong Kong and shares on a mainland China market, the prospectus said.

The company has a vaccine portfolio with 11 produces, including REC603, a recombinant HPV 9-valent vaccine under phase III clinical trial. Its Covid-19 vaccine is currently under a phase I clinical trial in New Zealand. Jiangsu Recbio is also developing vaccines for shingles, adult TB, flu and HFMD.

The IPO’s joint sponsors are Morgan Stanley, CMB International and Citic Securities.

In July, Singapore’s state-owned investment company Temasek Holdings reported its net portfolio value (NPV) climbed to a record S$381 billion, or US$283 billion, for the fiscal year ended 31 March