Chinese Biopharma Firm WuXi XDC Jumps 31% on Hong Kong Debut

00:00

00:00/00:00

Listen to this article 1x

Interest in IPOs has been subdued in Hong Kong, where proceeds are so far down 59% compared with the same period last year. Photo: Bloomberg

(Bloomberg) — A Chinese maker of drugs used in cancer treatments surged in Hong Kong after pricing its IPO at the top of a marketed range, a rare case of strong demand for a listing in the financial hub this year.

Shares of WuXi XDC Cayman Inc. gained 31% at the open to HK$26.95 ($3.7). The biopharmaceutical company raised HK$3.68 billion from the share sale, with the stock priced at HK$20.60 apiece compared with a starting level of $19.90. It’s the first among 14 listings larger than $100 million in the city this year that was priced at the highest indicated value, Bloomberg-compiled data showed.