Clover Biopharmaceuticals Shares Fall on Hong Kong Debut

What’s new: Shares of Chinese Covid-19 vaccine developer Clover Biopharmaceuticals Ltd. fell more than 10% on its Hong Kong debut Friday before rebounding after the initial public offering (IPO) raised $240 million.

Clover shares closed at HK$12.98 ($1.67), down nearly 3% from the IPO price, after dropping as low as HK$12 earlier.

The loss-making company has no product on sale yet, but it does have several drugs and vaccines in the pipeline, including a Covid-19 vaccine candidate that completed a late-stage human trial. The company plans to use most of its IPO proceeds for research and commercialization of the Covid-19 vaccine.