BioCentury
ARTICLE | Finance

Qiming-backed Gan & Lee hits ceiling to reach $5.2B market cap in first day on Shanghai

June 30, 2020 2:26 AM UTC

The latest in a string of Qiming portfolio companies to go public, Gan & Lee saw its stock gain the maximum allowed by the Shanghai exchange in its first day of trading to bring its market cap to more than $5 billion.

Shares of Gan & Lee Pharmaceuticals (Shanghai:603087) rose RMB27.86 (44%) to RMB91.18 two weeks after raising RMB2.5 billion ($359.6 million) through the sale of 40.2 million shares at RMB63.32. The June 15 deal valued the company at RMB25.4 billion ($3.6 billion). ...