BioCentury
ARTICLE | Financial News

Wolwo trading suspended after Chinese IPO

January 28, 2014 12:51 AM UTC

Trading of Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. (SZSE:300357) was suspended on Monday, about a week after the company raised RMB220.6 million ($36.5 million) through the sale of 11 million shares at RMB20.05 in an IPO on the ChiNext high-growth, high-tech exchange of the Shenzhen Stock Exchange. According to the company, the stock was suspended after triggering a rule that flags a stock if it experiences an "abnormal fluctuation." The company said shares will resume trading following an inspection, but did not disclose a timeline.

Wolwo closed Friday at RMB38.81, up RMB18.76 -- or 94% -- from its IPO price. The company develops and commercializes allergen products, including drops and skin prick diagnostic kits and reported a 2012 net profit of RMB53.8 million ($8.9 million). ...