Ascentage Pharma said on Thursday it aims to raise $126.4 million in an initial public offering in the United States, becoming the first sizeable Chinese firm to seek a listing in the U.S. this year.

Zhang Yong a high school dropout, co-founded hotpot chain Haidilao and, alongside his wife, amassed a combined wealth of US$7.6 billion, placing them among Singapore’s richest.