Biotech firm Adlai Nortye plans to list shares on the Nasdaq while specialty lifestyle products retailer KK Group files for a Hong Kong IPO.
Biotech firm Adlai Nortye files for Nasdaq IPO
Biotech firm Adlai Nortye has filed for an initial public offering in the United States and plans to list its American depositary shares on the Nasdaq under the ticker symbol “ANL,” according to a filing to the bourse dated July 27.
Adlai Nortye, duly headquartered in China and the US, is a clinical-stage biotech firm that is engaged in the discovery and development of cancer therapies. The Cayman Islands-incorporated firm has developed six drug candidates including three clinical-stage and three pre-clinical candidates.
The IPO price and total number of shares to be offered were redacted in the filing, but the firm said it would use the proceeds to finance its ongoing and future R&D activities and the commercial launch of its drug candidate, among others.
Cantor Fitzgerald & Co. and CLSA Limited have been appointed as the underwriters, per the filing.
Previously, the firm raised $100 million in a Series D funding round led by CMG-SDIC Capital and Tigermed.
KK Group files for Hong Kong IPO
KK Group, a specialty retailer of lifestyle products, has filed an initial public offering (IPO) publication with the Hong Kong stock exchange, without disclosing the listing timeline and how much it plans to raise.
Founded in 2015 with the launch of its first brand KK Guan, the firm now operates four retail brands including KKV, THE COLORIST, X11 and KK Guan.
The Dongguan-headquartered firm plans to use an undisclosed part of the IPO proceeds to expand its store network and to further deepen its market position. It booked a quarter-over-quarter revenue growth of 47.8% to 1.4 billion yuan ($194.8 million) in Q1 2023; while its pre-tax loss widened by 115.9% to 105.4 million yuan ($14.7 million) in the aforementioned quarter.
Morgan Stanley Asia Limited and Credit Suisse (Hong Kong) Limited have been appointed as the joint sponsors of the IPO.
Previously, the firm bagged $100 million in a Series D round in October 2019 led by the Electronic World Trade Platform (eWTP).