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Diabetes Drug Developer Hua Picks Hong Kong for IPO

Hua Medicine Ltd., a Shanghai-based developer of diabetes drugs, has picked Hong Kong over the U.S. for its initial public offering as the Asian financial hub makes a push for biotech listings, people with knowledge of the matter said.

The biotech drug developer is working with advisers Goldman Sachs Group Inc., CLSA Ltd. and UBS Group AG on a planned offering in the city this year, the people said. The offering could raise as much as $300 million, said one of the people, who asked not to be identified because the details are private.