Two Chinese biotech firms jump in Hong Kong IPO debut

Two Chinese biotech firms, including AI-driven drugmaker METiS TechBio (7666), surged in their Hong Kong debuts on Wednesday.

METiS TechBio skyrocketed as much as 186 percent to HK$29.98 apiece at one point, delivering a paper gain of HK$9,740 per board lot of 500 shares. 

It was then traded at HK$26.4, still up by over 150 percent from the offer price of HK$10.5. The company recorded an oversubscription of more than 6,910 times for the retail tranche.

It raised HK$2.1 billion from the share sale. 

The other biotech company, Impact Therapeutics (7630), nearly doubled to HK$39.5, meaning a paper profit of over HK$3,920 per lot of 200 shares.

The firm pocketed HK$843.7 million from the sale, with its retail portion over 2,280 times oversubscribed. 

 

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