China's Lepu Biopharma climbs to 3-week low on discounted share sale

Lepu Biopharma

17/05/2024 05:34

** Shares of Lepu Biopharma Co Ltd  2157.HK  fall as much as
9.9% to HK$4.75, their lowest since April 26
    ** Stock posts biggest intraday pct drop since May 6, and
set for a third straight session of decline
    ** The Chinese tumor candidate drugs developer plans sales
of 51.2 mln new shares to third-party investors, raising
HK$229.8 mln ($29.5 mln) to fund research and development,
clinical trials and to replenish working capital 
    ** Says the new shares will be sold at HK$4.58 apiece,
representing a 13.1% discount to Thursday's close of HK$5.27
each
    ** Hong Kong's healthcare index  .HSCIH  slips 0.3%, while
Hang Seng Commerce & Industry Index  .HSNC  gains 0.9% and Hang
Seng Index  .HSI  adds 0.3%
    ** Lepu stock up 17.3% YTD  
   ($1 = 7.8008 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))