FAST NEWS: AIM Vaccine Surges 38% on Second Trading Day

The latest: Shares of AIM Vaccine Co. Ltd. (6660.HK), China’s second-largest maker of non-Covid vaccines, surged on their second trading day Friday after a modest 3.1% gain the previous day in their Hong Kong trading debut. The stock is one of the few recent new listings to rise on its debut day.

Looking up: The local portion of the company’s offering of 971,600 shares was subscribed to by 2,520 investors who sought to buy a total of 3,062,000 shares, representing an oversubscription rate of approximately 2.15 times.

Take Note: The company offered only 0.8% of its share capital and raised just HK$70.01 million ($8.9 million), making it one of the smallest IPOs in recent months.

Digging Deeper: AIM Vaccine has traveled a bumpy road to becoming a listed company. It filed to list on Shanghai’s Nasdaq-style STAR Market in 2020, but that got nowhere. In June last year it shifted its IPO destination to Hong Kong, but its application was rejected less than a month later. In September last year, it filed a second time for a Hong Kong listing, but that application lapsed six months later. The company finally made the cut on its third try, passing a hearing last month that paved the way for its Thursday debut.

Market Reaction: AIM Vacccine’s shares rose 38.1% to HK$23 at the midday break on Friday. When combined with the 3.1% debut-day gain, the stock is now up 42.3% from its IPO price.

Translation by Jony Ho

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