After Hong Kong IPO lull, local demand lifts Ascentage offering

Robust local demand helped Ascentage to price its IPO at the top of its proposed range and its shares to rise out of the gate in the second offering after a four-month lapse in listings on the Hong Kong stock exchange’s biotech chapter.

Shares of Suzhou-based Ascentage Pharma Group International (HKSE:6855) gained HK$3.40 (10%) to HK$37.60 Monday after the company raised HK$416.6 million ($53.1 million) Friday through the sale of 12.2 million shares at HK$34.20 in an offering underwritten by Merrill Lynch and Citigroup...