Key Takeaways:

• Sunho Biologics has no revenue or licensing income to draw on, making a loss of 133 million yuan last year as all its products remain at the R&D or clinical stage
• The company is rumored to be targeting just $50 million in proceeds, only a third of the $150 million it was thought to be seeking in its first IPO attempt last year

By Fai Pui

The market conditions may be dire, but Chinese drug developerSunho Biologics Inc.needs the cash.

The loss-making biotech has secured the green light for an IPO, but the Hong Kong market is...