Australia-based biotechnology company Vital BioTech Holding has become the first Australian company ever to be listed on the Growth Enterprise Market (GEM), the second board of the Hong Kong Stock Exchange (HKSE).
ˇ§We are currently introducing Australian technology into the China market, and Hong Kong is an ideal platform from which this can be done,ˇ¨ said executive director Tony Au-yeung. ˇ§Hong Kong is very cosmopolitan and its people understand the China market. Hong Kong also has an excellent business environment, with world-class infrastructure, skills and legal framework necessary for successful business,ˇ¨ he added.
Vital Biotech Holdings was originally formed in Melbourne in 1998 under the name Vitapharm Research Ltd, and is a biotechnology company which has developed two proprietary platform technologies for the pharmaceutical and biotechnology industry, aimed at helping pharmaceutical companies improve their existing products.
The company has successfully launched their products into the China market and are planning to open a new production facility in Chengdu in March.
The listing was intended to raise equity capital in Hong Kong to finance production and marketing in the Chinese mainland, ahead of the opportunities bound to open up with Chinaˇ¦s accession to the
World Trade Organisation.
ˇ§By combining Australian skills in research and development with Hong Kongˇ¦s pivotal role as the regional financial centre to manufacture and market their products into the vast and emerging Chinese economy, Vital BioTech is setting an example for international business development that I hope other Australian companies will follow,ˇ¨ said Australian Minister for Trade Mark Vaile.
GEM allows the listing of companies wishing to raise expansion capital under a well-regulated and established market. In addition, this creates opportunities for companies, both local and international, to enhance their presence in the Asia market, especially in China.
