Hong Kong IPOs start strong
Eleven of the 14 IPOs this year rose in first-day trading, with six more than doubling
Investors warmly greeted the 14 biopharma IPOs on the Stock Exchange of Hong Kong so far this year, with 11 rising in their first day of trading. Of those, six more than doubled, including each of the last five.
Most have maintained their momentum. All 11 are still above their IPO price, and seven of the 11 are up from their first trading day close. Leading the group is TransThera Sciences (Nanjing) Inc. (HKEX:2617), which closed Friday up 1,352% from its June IPO. After rising 79% on its first day, TransThera’s shares began to soar in mid-September, when the company announced IND clearance for a Phase II trial of tinengotinib (TT-00420) to treat breast cancer. This week, the biotech announced its intention to list untraded domestic shares worth about 11% of the company on HKSE...