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Investing.com-- Shares of Jiangsu Hengrui Pharmaceuticals Co (HK:1276) soared more than 37% in their Hong Kong trading debut on Friday, following the company’s $1.27 billion initial public offering priced at the top of its range.
The stock opened at HK$57.10, a 29.6% premium over the offer price of HK$44.05, and climbed as high as HK$60.20 in early trading, reflecting strong investor demand.
Hengrui, already listed in Shanghai, is among China’s leading drugmakers, with a focus on oncology and innovative therapies.
The company plans to use the proceeds to fund clinical trials, expand production capacity, and support international expansion efforts.
The robust debut comes amid a rebound in Hong Kong’s IPO market, which has seen increased activity from mainland Chinese firms seeking dual listings to attract global investors.
Earlier this week, Contemporary Amperex Technology Co Ltd (CATL) (HK:3750) debuted in Hong Kong, and saw its shares surge.