Hong Kong approves Asia's biggest health care listing

Hong Kong will be rolling out the red carpet for what could be Asia's biggest health care listing this year, Bloomberg reported, citing people familiar with the matter.

According to the sources, the Hong Kong Stock Exchange has approved an IPO application by Hangzhou Tigermed Consulting. The Shenzhen-listed clinical research organization is looking to take advantage of the high valuations of health care stocks as investors seek to put their money in the red-hot market amid the global pandemic.

With its shares on the Shenzhen stock exchange up 70% this year during the market rally, the company could begin to gauge Hong Kong's market demand as soon as this week, the sources said.

To claim the title of the biggest health care listing in 2020 so far, Tigermed's Hong Kong IPO would need to surpass the $784 million raised by South Korea's SK Biopharmaceutical in June.