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Chinese biotech firm Ascletis set to open higher in HK debut

HONG KONG, Aug 1 (Reuters) - Shares of Chinese firm Ascletis Pharma Inc were set to open 5.7 percent above their issue price on debut in Hong Kong on Wednesday, the first such listing in the city under new rules designed to attract early-state biotechs.

The initial public offering (IPO) is widely seen as a test of the new regime as Hong Kong seeks to establish itself as a financing centre for the growing number of Chinese biotech drug developers.

Ascletis shares were set to open at HK$14.80, compared with the IPO price of HK$14 apiece.

The company last month priced the IPO at the middle of a price range of HK$12 to HK$16, valuing the company at $2 billion. (Reporting by Julia Fioretti; Editing by Christopher Cushing and Stephen Coates)