On March 31, Yantai-based biotech innovator RemeGen was listed on the Shanghai Stock Exchange's (SSE) science and technology innovation board (STAR), bringing the total number of listed firms and stocks in the Yantai Economic and Technological Development Zone to 11.

RemeGen was the only firm in Yantai zone to attain A+H listings, allowing it to conduct capital operations in both the H-share and A-share markets.

RemeGen has established three R&D centers in Yantai, Shanghai, and California, as well as expanded its global footprint by establishing branches in Beijing and Washington. The corporation plans to increase its presence in international markets. In the past two years, Yantai has attached great importance to the development of the biomedicine industry, and set up a batch of innovative platforms for scientific and technological development, such as the Shandong Provincial Laboratory of New Drug Development. These platforms have played an important role in helping Yantai build a complete innovation system, and more than 120 domestically renowned pharmaceutical companies have been cultivated. According to the city's development plan, the main business income of Yantai's biomedicine industry will exceed 200 billion yuan ($31.42 billion) by 2023.

Yantai zone has stepped up efforts in recent years to optimize the industrial structure and upgrade R&D, as well as encourage businesses to go public and broaden avenues for them to acquire funds in various ways, according to local authorities.

Yantai-based biotech innovator RemeGen is listed on SSE's STAR Market on March 31. [Photo/Dazhong News]