Another China-based biotech company will debut on the Hong Kong market.

Leading contract drug researcher Viva Biotech Holdings started its initial public offering share sales in Hong Kong Thursday aiming to raise between HK$1.18 billion and HK$1.52 billion ($150 million to $194 million).

Shanghai-based Viva planned to sell 345 million shares at a price range between HK$3.42 and HK$4.41 a share. The offering opened at 9 a.m. Thursday and will close at noon Tuesday in Hong Kong.

Established in 2008, Viva provides structure-based drug-discovery services to biotechnology and pharmaceutical customers. Its clients include nine of the world’s top 10 pharmaceutical companies, according to Viva’s prospectus. In 2018, Viva said it booked 210 million yuan ($31 million) of revenue, up 41.7% from the previous year, and 90.6 million yuan of net profit, up 18.7%.

Three cornerstone investors — Sinopharm Capital and two funds controlled by Shenzhen GTJA Investment Group ― subscribed for a combined 26% of Viva’s offering.

Viva’s stock will debut on the Hong Kong exchange May 9. China International Capital Corp. Hong Kong Securities Ltd. is the sole sponsor of the offering.

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