Bio-technology - The Readiness of Hong Kong Opening Speech by Dr. K. S. Lo Chairman, GEM Listing Committee, Hong Kong Exchanges and Clearing Ltd. 21 October.

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Presentation transcript:

Bio-technology - The Readiness of Hong Kong Opening Speech by Dr. K. S. Lo Chairman, GEM Listing Committee, Hong Kong Exchanges and Clearing Ltd. 21 October 2002 Hong Kong

1 Bio-tech and Pharmaceutical Companies Listed on GEM Company NameListing DateCompany NameListing Date SIIC Medical Science & Technology (Group) Ltd 2/12/1999 Vital BioTech Holdings Ltd7/2/2002 Sino Biopharmaceutical Ltd29/9/2000Northeast Tiger Pharmaceutical Co Ltd 28/2/2002 Tong Ren Tang Technologies Co Ltd 31/10/2000New Chinese Medicine Holdings Ltd 7/3/2002 China Medical Science Ltd10/4/2001Kinetana International Biotech Pharma Ltd 3/6/2002 Jilin Province Huinan Changlong Bio-pharmacy Co Ltd 24/5/2001Changchun Da Xing Pharmaceutical Co Ltd 28/6/2002 Essex Bio-Technology Ltd27/6/2001Lee's Pharmaceutical Holdings Ltd15/7/2002 Everpride Biopharmaceutical Co Ltd 20/7/2001CK Life Sciences International, (Holdings) Inc 16/7/2002 Shanghai Fudan-Zhangjiang Bio- Pharmaceutical Co Ltd 13/8/2002

2 Comparison of Major Asian Second Boards (Jan Jun 2002) HK MALAYSIA TAIWAN SINGAPORE KOREA JAPAN GEM KLSE SB ROSE SESDAQ KOSDAQ MOTHERS No. of Companies Funds Raised , Turnover 8,6625,606124,5743,710478,7615,708 Market Cap. 7,7594,77242,8982,34840,9215,743 Opened since GEM ranked 2nd in terms of fund raising and 3rd in terms of turnover and market capitalisation (In USD million)

3 HK Investors' Appetite for Bio-tech and Pharmaceutical Stocks in GEM September 2002 Turnover of GEM bio-tech and pharmaceutical stocks:HK$782 million Total market turnover of GEM: HK$1,639 million Bio-tech and pharmaceutical stocks contributed to about 48% of total market turnover

4 Basic Listing Requirements of GEM u No profit requirement u Focused line of business u 2 years of active business pursuits under substantially the same management and ownership (may be reduced to 1 year if certain additional conditions are met)

5 Role of Hong Kong in Biotech Development 1.Hong Kong is way behind US, Europe, Singapore and Taiwan in biotech development. 2.Hong Kong has advantages to attract talents to congregate here : Sound system of law, attractive living standards, technology transfer base, vast hinterland market, developed capital formation centre. 3.Find niche markets: for medium and long term development Asian diseases, stem cell research, gene therapy, biotech in agriculture. 4.Most importantly: for short term opportunity. Technology transfer: act as middleman. Capital formation centre for biotech in Greater China region.

6 Government Must Take the Lead 1.Formulate long term biotech development policies, e.g. build up strong science base in universities. 2.Fund more grants for biotech R&D. 3.Establish regulatory regime for drug trial center formation. 4.Invest in downstream applied technology projects in biotech. 5.Facilitate R&D partnership with larger overseas research institutions and companies. 6.Help recruit big name biotech experts. Government to act as Facilitator and Enabler only Government to help kick start the industry

7 Future Development of HK Bio-technology Industry Government:formulate and execute policies regarding innovation and technology development Bio-techincrease the level of understanding Community : and awareness of bio-tech industry GEM: provide an effective venue for bio-tech companies to raise funds