Hong Kong’s first IPO in months values Shanghai Henlius at $3.4B

Amid market concerns due to recent Hong Kong protests, Shanghai Henlius became the first company to list on the exchange’s biotech chapter in four months Wednesday, raising HK$3.2 billion ($409.9 million) in an IPO that priced at the bottom of its proposed range. The price values the company at HK$26.7 billion, short HK$2.2 billion from the valuation it could have achieved at the midpoint of its proposed range.

Parent company Shanghai Fosun Pharmaceutical Group Co. Ltd. (Shanghai:600196; HKSE:2196) said Shanghai Henlius Biotech Inc. (HKEX:2696) priced its shares at HK$49.60. The company proposed to sell 64.7 million shares...