CF PharmTech becomes HK's second-most oversubscribed IPO since rule change

Chinese drugmaker CF PharmTech has been the most oversubscribed new stock in Hong Kong just after bicycle manufacturer Dahon Tech (Shenzhen) (2543), since the city’s exchange amended stock pricing mechanisms in August.

CF PharmTech drew orders worth at least HK$339.6 billion after it closed bookbuilding on Thursday, making its retail tranche oversubscribed by about 5,588 times.

The firm plans to raise nearly HK$610 million by issuing 41.2 million shares.

Dahon Tech's retail tranche was oversubscribed by 7,557 times in a listing last month.