BRIEF: Heavily oversubscribed CF PharmTech triples in Hong Kong trading debut

2652.HK

Shares of pharmaceutical manufacturer CF PharmTech Inc. (2652.HK) roared out of the gate in their Hong Kong trading debut on Wednesday, opening up 219% before giving back some of the gains to close up 181% at HK$41.50 by the midday break.

The company sold 41.2 million shares for HK$14.75 apiece. The portion for local Hong Kong investors was oversubscribed by nearly 6,700 times, leading to just a 1% allocation probability for each lot application. The international portion was more than 11 times oversubscribed, with the overall share sale raising total net proceeds of HK$525 million ($67.3 million).

CF PharmTech develops and produces inhaled therapies, specializing in respiratory disorder treatments. Its revenue edged down 2.7% year-on-year to 136 million yuan in this year’s first quarter, even as its profit for the period more than doubled to 12.8 million yuan.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here

, ,
,

Related Articles

RELATED ARTICLES

  1. BRIEF: CF PharmTech to raise $77 million in Hong Kong IPO
    2652.HK
  2. BRIEF: GenFleet shares double in heavily oversubscribed IPO
    2595.HK
  3. BRIEF: Dahon Tech rallies in hugely oversubscribed Hong Kong IPO
    2543.HK
  4. BRIEF: Hipine surges in Hong Kong trading debut
    2583.HK
  5. BRIEF: Butong shares jump in Hong Kong trading debut
    9060.HK
  6. BRIEF: Medtide rises in Hong Kong trading debut
    3880.HK
Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

From classroom crackdowns to shifting cabin crews, China adapts to new realities

Vocational educator Hiducation has become one of the few education companies to test the waters in Hong Kong's booming IPO market. Are investors ready to welcome this group again after a bloody crackdown three years ago? And budget carrier Spring Air is rolling out the welcome mat for more senior flight attendants as old as 40. Are other Asian airlines like to follow this "air auntie" trend, and what's behind it?
601021.SHG