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Coronavirus infects Q3's Chinese plans

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The outbreak of coronavirus has delayed the construction of Q3 Medical's new factory in China. Photo: Anthony Wallace/AFP via Getty

The outbreak of coronavirus has delayed the construction of Q3 Medical's new factory in China. Photo: Anthony Wallace/AFP via Getty

AFP via Getty Images

The outbreak of coronavirus has delayed the construction of Q3 Medical's new factory in China. Photo: Anthony Wallace/AFP via Getty

Q3 Medical, an Irish-headquartered pharmaceutical company, has been forced to delay the construction of its new factory in China by the outbreak of the coronavirus.

Eric Mangiardi, chief executive of Q3, said the company had been developing a factory in China. However, since the outbreak of coronavirus, construction has ground to a halt.

"The building is built but it's all about the inner decoration now, so that's the clean rooms for example," he said. "It is costing us a lot of time, that's the biggest issue for us."

Mangiardi said he hopes to restart work on the manufacturing facility in April.

Earlier this month, Q3 announced it was preparing to list on the Hong Kong Stock Exchange. It was celebrating as the exchange approved Ireland as an acceptable jurisdiction for the purpose of Irish companies seeking to list.

The business is hoping to raise up to €150m when it lists on the Hong Kong Stock Exchange either later this year or early 2021.

Q3 is about to close a pre-IPO funding round worth around €50m.

Sunday Indo Business