First-day gain for CStone on Hong Kong exchange

CStone Pharmaceuticals Co. Ltd. (HKSE:2616) rose HK$0.86 to HK$12.86 in its first day of trading Tuesday after raising HK$2.2 billion ($285 million) in its IPO. The oncology company priced the offering early Monday near the middle of its proposed range (see "CStone Raises $285M in Hong Kong IPO").

CStone's shares traded as high as HK$14.50 intraday. At close, CStone's market cap was nearly HK$12.7 billion ($1.6 billion)...