Innovent rally spurs HK biotech IPO hopes

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By John Loh
01 Nov 2018

A stunning rally in Innovent Biologics caught the market’s attention this week, after the shares surged as much as 46% following their debut in Hong Kong on Wednesday. But whether it marks a turning point for the city’s biotechnology listings — which have performed dismally in the secondary market so far — is less clear, writes John Loh.

Innovent, a Chinese drugmaker, priced its HK$3.3bn ($421.5m) IPO last week at HK$13.98 a share, near the top of a HK$12.50 to HK$14.00 marketed range. Following its stellar debut on Wednesday — when it closed nearly 19% higher to HK$16.58 — the stock jumped to a high of ...

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