Hansoh Pharmaceutical jumped on its first day of trading in Hong Kong, reflecting investor excitement surrounding the city’s second-biggest share offering of the year so far.
Shares in the China-focused drugmaker rose as much as 31 per cent in early trading on Friday, compared to a 0.4 per cent decline in Hong Kong’s Hang Seng index, which has stuttered this week amid mass protests in the city. The enthusiastic market debut comes after the company raised $1bn from investors as part of its initial public offering this month, with Hansoh pricing at the top of its indicated range.
Jiangsu-based Hansoh makes about half of its revenues from cancer drugs but also sells treatments for diabetes and conditions that affect the central nervous system. The company was founded by Zhong Huijuan, a former chemistry teacher.