Shanghai Henlius Biotech, a unit of Chinese conglomerate Fosun International, started taking investor orders Wednesday for a Hong Kong initial public offering that could raise as much as HK$3.7 billion ($477 million).

Henlius plans to sell 64.5 million shares, or 12% of its enlarged equity, in a range between HK$49.60 and HK$57.80, according to terms of the deal. The offering will be the first major listing in Hong Kong since July as the city’s market has been rattled by social unrest and pressures from the China-U.S. trade war.

The pre-profit biotech startup has secured four cornerstone investors, including Qatar Investment Authority. The four will invest a combined HK$1 billion in the offering, according to the prospectus.

Henlius completed its last round of fundraising in July 2018, which valued the company at $2.96 billion. The company reported 7.4 million yuan of revenue in 2018, down 78% from the previous year. Net losses expanded 31% to 505 million yuan, according to the prospectus.

Henlius is expected to price the offering Sept. 18 and list on the Hong Kong stock exchange Sept. 25.

China International Capital Corp, Bank of America Corp., CMB International, Fosun Hani Securities and Citigroup Inc. are joint sponsors for the deal.

Contact reporter Han Wei (weihan@caixin.com)