Sinopharm, China's biggest pharmaceuticals distributor, saw its shares jump nearly 16 per cent on its market debut in Hong Kong yesterday, as investors hoped that the country's healthcare reform could spur growth.
The rise was in contrast to the forecast for China Metallurgical Corp, which some analysts said could fall below its offer price when trading begins in Hong Kong today, because of the stock's poor showing since its listing in Shanghai and the belief investors have become more selective towards new issues.
The shares dropped 4.9 per cent from the initial public offering price of HK$6.35 to HK$6.04 in the grey market, according to PhillipMart, which runs Hong Kong's only licensed pre-IPO trading platform.
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