Kintor IPO latest sign of Hong Kong’s maturing biotech chapter

On a turbulent day for the Hong Kong stock exchange, shares of oncology company Kintor gained HK$1.35 to HK$21.50 in their first day of trading Friday after the company raised HK$1.9 billion ($240 million) through the sale of 92.3 million shares at HK$20.15.

The oversubscribed offering valued Kintor Pharmaceuticals Ltd. (HKSE:9939) at more than HK$7.4 billion ($960 million). The company priced at the top end of its proposed range of HK$17.80-HK$20.15...