Business
Earendil Labs AI Drug Discovery IPO Faces China Regulatory Hurdles
Regulatory hurdles are complicating Earendil Labs’ plans for a Hong Kong initial public offering in which the Chinese artificial-intelligence biotechnology company is seeking a valuation of about $5 billion, people familiar with the matter say.
The company, which is planning to raise close to $400 million, recently submitted its IPO application to Chinese regulators, who have raised concerns over its “red-chip” holding structure, the people said.
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