Vaccine-Maker CanSino’s Stock Jumps Nearly 88% in STAR Market Debut
What’s New: CanSino Biologics Inc. made an impressive debut in its $749 million IPO on Shanghai’s STAR Market Thursday.
Shares in the Tianjin-based vaccine-maker, which made headlines in March as the first company to test a Covid-19 vaccine on humans, closed up almost 88%, valuing the company around 98 billion yuan ($14.1 billion).
CanSino priced the offering at 209.71 yuan per share, the second-highest price in the bourse’s short history.
The background: CanSino’s secondary listing in Shanghai follows the company’s Hong Kong debut in March last year, and makes the firm the first Chinese vaccine-maker to trade in both A- and H-shares.
The company's potential coronavirus vaccine is made from a tweaked common cold virus, and it announced late stage trials in Saudi Arabia on Sunday.
Part of the funds raised will go into building a manufacturing plant, as well as vaccine research and development, the company said in a statement.
CanSino, which recorded no revenue last year, was allowed to list on the STAR Market under its relaxed controls on the finances of companies seeking to go public.
Shares in firms focused on the pandemic have fluctuated as new studies and trials are published, and as health regulators around the world pick winners.
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