GENFLEET-B (02595), a newly listed biotech company on the Hong Kong Stock Exchange, saw its shares soar by 10.92% in Wednesday's trading session. This significant uptick comes on the heels of a major share transfer and follows the company's recent successful initial public offering (IPO).
According to data from the Hong Kong Stock Exchange, a substantial share transfer took place on September 23rd, just days after the company's market debut. A GENFLEET-B shareholder transferred shares worth HK$437 million from CITIC Securities Brokerage Hong Kong to Standard Chartered Bank (Hong Kong). This transfer represents 3.42% of the company and may have contributed to increased investor interest and confidence in the stock.
The robust performance of GENFLEET-B shares also follows the company's impressive IPO on September 19th. On its first day of trading, the stock price skyrocketed as high as HK$50.20, marking a 146.20% increase from the issue price. It eventually closed up 106.47%, pushing the company's market capitalization to nearly HK$15 billion. This strong market debut likely set a positive tone for the stock, contributing to today's surge.
GENFLEET specializes in developing innovative therapeutic solutions for oncology, covering various treatment lines for multiple solid tumors, as well as autoimmune and inflammatory diseases. The company's product pipeline includes 8 candidate products, with 5 in clinical development stages, including two core products GFH925 and GFH375. This focus on high-potential areas of medical research may be attracting investors looking for growth opportunities in the biotech sector.
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