HK-listed Hua Medicine falls below IPO price on trading debut

Hua Medicine

14/09/2018 06:53

** Shares of Hua Medicine  2552.HK  fall as much as 5.3 pct
below their issue price on trading debut amid weak sentiment
toward IPOs while concern over revenue erosion on potential
medical policy change also drives investors away
    ** The stock later trims losses to HK$8.16, still down 1.4
pct from the issue price of HK$8.28 per share
    ** The Shanghai-based diabetes drug developer has raised
HK$870 million ($111 million) after it priced shares at bottom
of an indicative range in IPO (https://bit.ly/2OjrtKZ)
    ** Nomura says Chinese government will lower prices by
introducing a competition mechanism based on price only among
quality players. China has started trials for price bidding on
generic drugs which the prices will decline on competition
    ** Hong Kong benchmark index  .HSI  rises 0.9 pct

($1 = 7.8482 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)