BRIEF: Cloudbreak tumbles in Hong Kong trading debut
2592.HK
Ophthalmic biotech company Cloudbreak Pharma Inc. (2592.HK) opened down 6% in its Hong Kong trading debut on Wednesday, and continued to fall during the morning session to close down 30% at HK$7.04 by the midday break.
The company sold 60.58 million shares for HK$10.10 apiece to raise net proceeds of about HK$ 522 million ($66 million). The public offering for local Hong Kong investors was oversubscribed by 78 times, while the international placement was undersubscribed.
Cloudbreak recorded no revenue in 2022 or 2023, and booked just $10 million in 2024. Its net loss last year stood at $99.13 million, narrower by 23% year-on-year.
By Lau Chi Hang
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