Hutchmed (China) Ltd., a cancer drug developer backed by billionaire Li Ka-shing, jumped in its first day of trade in Hong Kong about two years after it delayed a previous attempt to list in the city.
Shares of the biopharmaceutical company that already trades in the U.S. and the U.K. opened at HK$51.40 on Wednesday, up 28% from their offer price of HK$40.10. Hutchmedraised$537 million in the offering. It had initially planned a listing in Hong Kong in 2019, but the plan wasshelvedamid market uncertainties at the time.
Hutchmed’s debut comes after a stellar first half of the year for first-time share sales in the Asian financial hub, with a record $28 billion raised, data compiled by Bloomberg show.
Prior to Wednesday, almost 59% of the 44 companies that started trading in Hong Kong this year ended their first session higher than the listing price, with eight of them popping more than 50% on their debuts, data compiled by Bloomberg show.
Shares of property management firmYuexiu Services Group Ltd. ended their first day of trading on Monday flat from their IPO price of HK$4.88. That contrasts with a 259% jump forMorimatsu International Holdings, a Chinese pressure equipment manufacturer which debuted the same day. Earlier this month, China Youran Dairy Group slumped 12% after its $643 millionIPO.
Chinese bubble tea chain Nayuki Holdings Ltd. fell 5% on its Hong Kong debut on Wednesday.
Hutchmed’s stock inNew Yorkis up 3.8% this year, while the London-listed shareshave risen 3.3%.