4:03 PM
Nov 02, 2018
 |  BioCentury  |  Finance

Innovent’s Hong Kong spark

Why Innovent could see robust performance in Hong Kong where others have not

A strong performance out of the gate for Innovent Biologics Inc. (HKSE:1801) reflects investor confidence in the company’s pipeline regardless of market conditions.

The biologics company raised HK$3.3 billion ($421 million) in an IPO priced near the top of its proposed range on Oct. 23. The deal valued Innovent at $2 billion.

Innovent gained HK$2.60 (19%) in its first day of trading on Oct. 31. On Friday, the stock closed at HK$18.72, 34% above the IPO price of HK$13.98.

Thus far, Innovent’s performance contrasts with that of Ascletis Pharma Inc. (HKSE:1672) and Hua Medicine Ltd. (HKSE:2552), the first two biotechs to conduct IPOs on the Hong Kong stock exchange under the new prerevenue...

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