China's Ascentage Pharma hits 4-week low on discounted share sale

Ascentage Pharma International

15/07/2025 05:55

** Shares of Ascentage Pharma Group International 6855.HK drops 6.3% to HK$70, their lowest since June 23

** Stock on track for the biggest one-day pct fall since May 7; fourth biggest pct loser in Hang Seng Biotech Index .HSHKBIO, which is up 1%

** The Chinese co, which develops small-scale therapies for cancers and hepatitis B virus, plans sale of 22 mln new shares to Dajun Yang Dynasty Trust, a family trust established by the company's chairman and key shareholder Yang Dajun

** The new shares will be issued at HK$68.6 apiece, or 8.2% discount to Monday's close of HK$74.70 each

** Sale is to raise HK$1.5 bln ($191.1 mln) for clinical development to advance core pipeline candidates, among others

** Trust to buy new shares following sales of the same amount of existing shares at the same price to third party investors

** Stock on course for a fourth straight session of decline

** Hang Seng Index .HSI adds 0.2%

** YTD, stock up 57.9%

($1 = 7.8498 Hong Kong dollars)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))