Hua Medicine, a Beijing biopharma, announced its IPO application was accepted by the Hong Kong exchange. According to rumors, the company hopes to raise $200 million in the offering. Hua, a company testing a treatment for type 2 diabetes, is the second pre-revenue China biopharma accepted to IPO in Hong Kong under new exchange rules. In fact, Hua's prospectus revealed it lost $50 million in Q1 of 2018, more than the $44 million it lost in all of 2017.