$XTALPI(02228.HK)Pharmaron's market cap today is HKD 26.8 billion, approximately USD 3.43 billion. Let's look at its Series F, which raised nearly USD 400 million. So what was the valuation in Series D? Generally speaking, a 10% dilution in Series D is considered quite high. If it's 10%, then the valuation would be close to USD 4 billion. In extreme cases of 15% or 30%, the valuation would still be around USD 2 billion.
Will these shareholders massively exit at this level?
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