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 closed at HK$23.8, still up by over 126 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), more than doubled to HK$41.86, meaning a paper profit of over HK$4,352 per lot of 200 shares.
The firm pocketed HK$843.7 million from the sale, with its retail portion oversubscribed by more than 2,280 times.
