Quick Take: Biotech Superstar’s Shares Surge 44% on Shanghai Debut
Pharmaceutical firm WuXi AppTec Co. Ltd. — one of the three companies spun off from a drug giant previously listed in New York — saw its shares surge beyond the daily limit on their first day of trading on the Shanghai bourse.
Shares of AppTec jumped to 31.1 yuan ($4.89) on Tuesday, 44% higher than the IPO price of 21.6 yuan, hitting the Shanghai Stock Exchange’s daily increase limit for newly listed shares, thus keeping the price frozen for the day.
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