Chinese drug producer Sichuan Kelun Biotech shines in Hong Kong debut

Sichuan Kelun-Biotech Biopharmaceutical

11/07/2023 06:59

** Shares of Sichuan Kelun Biotech Biopharmaceutical Co Ltd
 6990.HK  rise as high as to HK$64.50 in debut trading on
Tuesday, up 6.4% from the offer price 
    ** Stock last up 3% at HK$62.425, against the offer price of
HK$60.60 apiece. The benchmark Hang Seng Index  .HSI  was last
up 1.4% 
    ** Brokers say investors are willing to take on more risk
amid upbeat market sentiment; add, investors selective on firms
with solid fundamentals 
    ** Sichuan-based drug producer offered 22.45 mln shares in
global offering, raising HK$1.36 billion ($173.8 million) 
    ** Says proceeds will be used for commercialization of core
products and to expand manufacturing capabilities
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
1.6% while the healthcare index  .HSCIH  advances 0.3%
    ** The Hang Seng Composite Index  .HSCI  gains 1.2% 
    
    


($1 = 7.8258 Hong Kong dollars)

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