HJ Science tumbles in Hong Kong trading debut
Shares of clinical-stage biotechnology company HJ Science Co. Ltd. (6132.HK) opened flat in their Hong Kong trading debut on Tuesday, but quickly headed south and ended their first day down 57% at HK$35.26.
The company sold 13.6 million shares for HK$81.80 apiece, raising net proceeds of about HK$1.02 billion ($131 million). The public offering for local Hong Kong investors was oversubscribed by more than 2,000 times, while the international placement was oversubscribed by seven times. Six cornerstone investors collectively purchased 6.23 million shares, accounting for 45.79% of the total offering.
The company generated 13 million yuan in revenue last year, up from 1.8 million yuan in 2024, but still recorded a loss of 135 million yuan for the year.
HJ Science will use about 80% of the IPO proceeds for clinical research and development for its pipeline products. Another 9.4% will go to upgrade its R&D platforms, and about 5% will be used to establish a commercialization team.
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