Two Chinese biotech firms, including AI-driven drugmaker METiS TechBio, surged in the gray market on Tuesday ahead of their Hong Kong debuts.
METiS TechBio skyrocketed as much as 357 percent to HK$48 apiece at one point on Phillip Securities’ over-the-counter trading platform, delivering a paper gain of HK$18,750 per board lot of 500 shares.
It was then traded at HK$29.22, still up by 178 percent from the offer price of HK$10.5. The company recorded an oversubscription of more than 5,100 times for the retail tranche after pulling in over HK$544 billion in margin loans.
It aims to raise HK$2.1 billion from the share sale.
The other biotech company, Impact Therapeutics, also jumped as much as 159 percent to HK$52 on Futu’s platform, meaning a paper profit of over HK$6,380 per lot of 200 shares.
The gain later narrowed to 65 percent, or HK$2,640 per lot, compared to the offer price of HK$20.1.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓
