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Bankers Quit Goldman, Citigroup for Biotech Riches in Hong Kong
Bankers Quit Goldman, Citigroup for Biotech Riches in Hong Kong, Investment bankers in Hong Kong are catching biotech fever.
Richard Yeh, a health-care analyst at Goldman Sachs Group Inc., emerged (https://www.bloomberg.com/
Like their predecessors in the 1990s internet boom and the more recent cryptocurrency gold rush, Hong Kong's financiers are joining the hot startups of the moment in hopes of hitting the stock-option jackpot. At least 16 biotech firms are pursuing IPOs in the former British colony, seeking to raise upwards of $3 billion, according to company filings and people familiar with the matter.
"During the dot-com era, everybody wanted to go into one of the internet startup companies because it was the new thing, it was exciting, with the possibility to make a lot of money if the company made it to an IPO,'' said Stephen Peepels, a capital markets lawyer at Hogan Lovells in Hong Kong. "I think it is analogous to the health-care industry in Hong Kong right now.