BeiGene’s Shares Plunge 16.4% on STAR Market Debut

What’s new: Shares of Chinese cancer-drug developer BeiGene plunged 16.4% on their Shanghai debut Wednesday after the company raised 22 billion yuan ($3.48 billion).

BeiGene is the first Chinese biopharmaceutical company to have shares traded on the Chinese mainland, in Hong Kong and in the U.S. Its shares on the Shanghai Stock Exchange’s Nasdaq-like STAR Market closed at 160.98 yuan after dropping nearly 20% at the low point. The Hong Kong-traded shares also declined by 7.64% to HK$162 ($20.76).