Shares of Chinese companies Jiangsu Hengrui Pharmaceuticals and Mirxes Holdings rose sharply on Friday in Hong Kong trading debuts after raising a combined $1.4 billion in separate listings.
Pharmaceutical company Jiangsu Hengrui rose as much as 36% in its Hong Kong debut on Friday, after finalising its $1.27 billion listing at the top of the price range. Jiangsu Hengrui is also listed in Shanghai.
Mirxes, a cancer treatment company, saw shares open nearly 25% higher in Hong Kong after it raised $139 million in an initial public offering.
Hong Kong’s Hang Seng Index was up 0.4% in early trading on Friday.
The debuts cap one of the strongest weeks for Hong Kong’s capital markets in the past year, with more than $6.5 billion of shares starting to trade led by electric vehicle battery maker CATL’s $5.3 billion listing, the largest in the world this year.
Bonnie Chan, CEO of bourse operator Hong Kong Exchanges and Clearing, said on Tuesday more than 40 firms listed in mainland China, known as A-share companies, were exploring Hong Kong listings to access offshore funding to support international expansion plans.
Business News Asia
