Sunho Biologics Shares Rise 7% in Hong Kong Debut

MT Newswires Live05-24

Sunho Biologics (HKG:2898) made a strong trading debut in Hong Kong Friday morning as its shares rose 7% at the opening bell.

The clinical-stage biotech firm opened at HK$14.46 per share, above its IPO price of HK$13.50.

The company raised HK$391.6 million in net proceeds from its initial public offering. In line with its guidance, Sunho Bio issued 34.15 million shares at HK$13.50 apiece.

According to a late Thursday disclosure, 3.4 million shares were issued under the dealâs Hong Kong public offering portion, while 30.7 million shares were issued under the international offering portion.

The company allotted 3.09 million IPO shares to Nanjing Jingkai Weilai Technology Industrial Investment Partnership, a cornerstone investor.

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