Chinese health-care companies are enjoying a banner year, with an overhaul of the country’s health system and relaxed listing rules helping fuel a surge in share sales.
More than 60 health-care companies from China have raised a total $16.3 billion from initial public offerings and secondary listings in Hong Kong, mainland China and elsewhere, according to Dealogic figures for the year through Nov. 11.
The figure is already 138% higher than for all of 2019, and is a record by both deal value and number of companies. Health-care listings globally total $39.1 billion, roughly double all of last year’s sum.
“It’s been a very busy time for us,” said Cathy Zhang, Morgan Stanley ’s head of health care for global capital markets in Asia.
Ms. Zhang said many international investors had broadened their focus from Western markets to include Hong Kong. She said some were acting as cornerstone investors—who endorse a deal by committing to buy and hold a big stake—which helped attract other investors and support the stocks’ trading performance.