A Chinese maker of drugs used in cancer treatments surged in Hong Kong after an initial public offering priced at the top of a marketed range, a rare case of strong demand for a listing in the financial hub this year.
Shares of WuXi XDC Cayman Inc. gained 31% at the open to HK$26.95. The biopharmaceutical company raised HK$3.68 billion ($471 million) from the share sale, with the stock priced at HK$20.60 apiece compared with a starting level of $19.90. It’s the first among 14 listings larger than $100 million in the city this year that was priced at the highest indicated value, Bloomberg-compiled data showed.
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