The shares of China’s Innovent Biologics Inc (HK:1801) continued to rise on Friday morning in Asia, two days after their initial public offering.
Innovent was up to HK$17 on Friday morning in Asia, up from their IPO price of HK$13.98 on Wednesday, when shares in the company started trading.
The IPO in Hong Kong broke a losing streak for IPOs by biotech companies this year.
The Hong Kong Stock Exchange (HKEx) changed its listings rules in April to allow listings of pre-profit companies. The move attracted companies in the biotechnology sector. Most have underperformed.
Hua Medicine (HK:2552) has dropped 17 percent since its debut in September. Shares of Beigene Ltd (HK:6160) have fallen by nearly a third since an August IPO. Ascletis Pharma Inc (HK:1672) has lost more than half of its share value since a July IPO.
Innovent is the fourth biotech group to list in Hong Kong since the rules changed. The Shanghai and Suzhou-based raised $421 million, making it the biggest biotech offering in the city this year.
