Prognosis
No Profit? No Problem. Another Billionaire Rises in China
- Ascletis investors include Goldman Sachs and C-Bridge Capital
- Founder Jinzi Wu is poised to be worth at about $1.1 billion
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You don’t need earnings to become a billionaire in China.
Ascletis Pharma Inc., a maker of HIV and liver-cancer drugs, has raised $400 million after pricing its initial public offering at the middle of a marketed range at HK$14 a share. That would leave founder and majority owner Jinzi Wu with a fortune of about $1.1 billion, according to the Bloomberg Billionaires Index. The company is expected to begin trading Aug. 1.