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BUSINESS & TECH

Some Investors Pass on Eagerly Awaited Pharma IPO

WuXi AppTec Co. Ltd. had 328,429 unpurchased shares ahead of its initial public offering in Shanghai this week. Photo: IC
WuXi AppTec Co. Ltd. had 328,429 unpurchased shares ahead of its initial public offering in Shanghai this week. Photo: IC

A number of investors who won the right to buy shares in one of China’s leading pharmaceutical firms upon its eagerly awaited mainland initial public offering (IPO) have decided not to buy the shares after all.

WuXi AppTec Co. Ltd. — one of three companies spun off from WuXi PharmaTech after that company delisted from the New York Stock Exchange in 2015 — is to list in its home country’s Shanghai Stock Exchange this week. WuXi AppTec has been the subject of intense attention as market observers think that the price of the firm’s shares will surge upon listing, so the fact that it failed to secure some buyers came as a surprise.

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