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First day gains for Alphamab Oncology reflect Hong Kong exchange’s growing momentum

December 13, 2019 12:53 AM UTC

Double digit gains by Alphamab Oncology are the latest sign that Hong Kong’s biotech chapter has shrugged off mid-year doldrums and uncertainty caused by ongoing protests. Alphamab Oncology Ltd. (HKEX:9966) rose HK$3.30 (32%) to HK$13.50 in its first day of trading Thursday, adding HK$3 billion to its market cap.

The company raised HK$1.8 billion ($233.8 million) Wednesday in an IPO on the Hong Kong exchange that gave the company a postmoney valuation of HK$9.1 billion. The offering’s tranches aimed at Hong Kong investors and the international community were both oversubscribed (see “Local Demand High for Alphamab Oncology’s Hong Kong IPO”)...

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Alphamab Oncology Ltd.