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Illustration: Sarah Grillo, Axios

Hong Kong this week unveiled new stock exchange rules that will allow listings of unprofitable biotech companies, plus dual-class share structures.

Bottom line: The revised regs, which go into effect shortly, could attract some highly-valued U.S. biotech startups.

Conventional wisdom is that the new rules will act as a magnet for many Chinese companies that otherwise would list in the U.S., thus improving the odds of "holding onto" the next Alibaba.

More interesting is an argument we're hearing from stateside biotech investors, who believe many U.S.-based biotech "unicorns" will look east as a way to maintain their high valuations. Their idea is that there will be an initial deluge of Asia-based money because of the new diversification opportunity, and that could result in artificially high multiples. Sure it's cynical, but that doesn't make it wrong.

Go deeper

Supreme Court declines to hear case on qualified immunity for police officers

The Supreme Court on March 5. Photo: Olivier Douliery/AFP via Getty Images

The Supreme Court on Monday declined to hear an appeal for a lawsuit brought against Cleveland police officers that challenges the scope of qualified immunity, the legal doctrine which has been used to shield officers from lawsuits alleging excessive force, Reuters reports.

Why it matters: The doctrine has been the subject of scrutiny from civil rights advocates. Eliminating qualified immunity was one of the key demands of demonstrators during nationwide protests in 2020 following the killing of George Floyd.

Updated 2 hours ago - Politics & Policy

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.