Chinese biopharma firm JW falls in Hong Kong debut

JW (Cayman) Therapeutics Co

03/11/2020 04:21

** Shares of Chinese biopharmaceutical company JW (Cayman)
Therapeutics Co Ltd  2126.HK  trade as low as HK$21.85 in Hong
Kong debut, down 8.2% from IPO price 
    ** Stock last traded at HK$22.35, still down 6.1% from IPO
price of HK$23.8; Shares had hit a high of HK$25.45 before
sliding
    ** Stock is the most actively traded by turnover 
    ** "Investors were fed up by the flood of pharmaceutical
IPOs lately, particularly when most of them were priced near the
top end of their offer range," says Linus Yip, chief strategist
at First Shanghai Securities
    ** Shanghai-based company sold 97.7 mln shares in Hong Kong
IPO, raising HK$2.33 bln ($300.6 mln) to fund acquisitions, R&D
in product candidates, and develop sales and marketing
capacity urn:newsml:reuters.com:*:nFWN2HC13P 
    ** The clinical-stage cell-therapy company was founded in
2016 by Juno Therapeutics and WuXi AppTec  603259.SS  in
Shanghai
    ** The Hang Seng China enterprises index  .HSCE  climbs
1.5%, and the benchmark index  .HSI  rises 1.9%%

($1 = 7.7512 Hong Kong dollars)

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