Online brokerage Webull is reportedly considering an initial public offering in the US to raise up to $400 million, while Genhouse Pharmaceutical has secured over 200 million yuan ($31 million) in a Series A round of financing led by Shenzhen Capital Group.
Online broker Webull weighs $400m US IPO
Chinese online brokerage Webull is considering an up to $400 million initial public offering (IPO) in the US, Bloomberg reported on Wednesday.
Webull has roped in investment bank Goldman Sachs to advise on the share sale, the report said.
Established in 2016 by former Alibaba and Xiaomi executive Wang Anquan, Webull is an online trading platform for retail investors to buy and sell stocks, options and ETFs. According to its website, it charges zero commissions.
In 2019, Webull had raised 250 million yuan ($39 million) in a Series C round from Gopher Asset Management. Its other backers include Xiaomi Corporation and its investment arm Shunwei Capital, as well as Bojiang Capital, Divine Capital and Hongdao Capital.
Other Chinese brokerages that are known to be planning a US IPO include Futu Holdings, Tiger Brokers’s Up Fintech Holdings, and Snowball Finance Information Technology.
Genhouse Pharmaceutical raises over $31m
Genhouse Pharmaceutical, a small molecule drug maker, said on Wednesday that it has bagged over 200 million yuan ($31 million) in a Series A round of financing led by state-backed Shenzhen Capital Group.
A slew of new investors participated in the latest round, including drug discovery platform Viva Biotech, healthcare-focused asset management firm IN Capital, and Legend Star, the investment arm of Legend Holdings that invests in technology, TMT and healthcare sectors.
Shanghai-based Sharewin Capital re-upped in the current round, according to a company statement. The investment firm had participated in Genhouse’s angel funding round in 2015.
Genhouse’s other backers include Dynamic Capital, Topping Capital, Kefa Capital, and Hengbo Tongzhou Venture Capital.
Headquartered in East China’s Suzhou city, Genhouse is focused on developing small molecule drugs for cancers. Since its inception in 2014, the firm has launched more than 10 pipelines.
Per its press release in September last year, Genhouse has licensed its proprietary product GH21, an inhibitor of non-rector protein tyrosine phosphatase, to HUYA Bioscience International in a deal worth $282 million.