(Bloomberg) -- Biotechnology firm LianBio raised $325 million in an initial public offering, according to a statement, potentially opening a narrow path for U.S. listings by companies operating primarily in China.Most Read from BloombergInto the Metaverse: Where Crypto, Gaming and Capitalism CollideCan a New Mayor Fix Seattle’s Downtown?The Best New Restaurants in Washington, Chosen by Top ChefsThe Terrifying Rise of Haunted TourismIn Minneapolis Election, the Future of Policing Is at StakeThe company sold 20.3 million American depositary shares for $16 apiece after marketing them for $15 to $17, according to a statement Sunday. Each ADS represents one ordinary share.At the IPO price, LianBio would have a market value of $1.68 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. Accounting for employee stock options and warrants, the company would have a fully diluted value of about $1.88 billion.The biotech company was founded by New York private equity fund Perceptive Advisors, and the firm and its affiliates will control 50.5% of LianBio following the offering, according to its prospectus. LianBio, which lists headquarters in both Princeton, New Jersey, and Shanghai, does business primarily through subsidiaries in China.U.S. IPOs by Chinese companies have nearly vanished since July, when Beijing announced a cybersecurity probe of Didi Global Inc. just days after its New York listing. The escalation of an apparent crackdown on China’s corporates wiped about $1 trillion off the aggregate market value of its listed firms. The SEC has recently issued detailed queries to companies with links to China, and even Hong Kong-based companies with little to no presence in the mainland have been warning about risks.Including Didi’s $4.4 billion June 30 IPO, 46 companies based in China and Hong Kong raised more than $15 billion in the first half of the year in the U.S., according to data compiled by Bloomberg. Since then, only five such companies have raised $329 million combined, the data show.