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Investing.com -- Chinese drugmaker, Jiangsu Hengrui Pharmaceuticals, saw its shares surge by 31% to 57.65 Hong Kong dollars on its debut in Hong Kong’s capital market on Friday. This significant jump underlines an increase in listing activities as more firms seek to leverage the city’s capital markets.
In addition to the rise in Hengrui’s shares, the benchmark Hang Seng Index also rose by 0.6%. Hengrui’s initial public offering (IPO) raised HK$9.74 billion, equivalent to US$1.25 billion, in net proceeds. This makes it one of the largest IPOs in Hong Kong this year.
The shares were initially priced at HK$44.05 per share, which was the upper limit of its guidance range. Meanwhile, Hengrui’s shares listed on the Shanghai exchange dipped by 0.1%.
In related news, Singapore-based pharmaceutical company Mirxes, which specializes in cancer treatment, also had a strong debut in Hong Kong on the same day. The company’s shares rose by 28% in morning trading, after raising HK$880.5 million in net proceeds.
Hong Kong’s IPO market has been gaining momentum in the past few months, primarily propelled by Chinese firms seeking secondary listings in the financial hub. The Hong Kong stock exchange stated last month that the increased participation from A-share companies has contributed to a resurgence in IPO activity this year.
In the first quarter, the funds raised from 17 new listings nearly quadrupled from the same period last year to HK$18.7 billion, according to data from the Hong Kong Exchanges and Clearing (HKEX).
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