Shares of drugmaker Shaanxi Micot Pharmaceutical Technology Co. Ltd. (2335.HK) jumped in their Hong Kong trading debut on Wednesday, after the company raised HK$989 million ($126 million) by selling about 58 million shares for HK$18.20 each.
The stock opened up 87% from its listing price, and rose slightly after that during the morning to close up 90% at HK$34.50 by the midday trading break.
The Hong Kong portion of the listing for local investors was more than 1,000 times oversubscribed, while the international offering was just 1.5 times oversubscribed. Three cornerstone investors, including Hong Kong-listed Everest Medicines, purchased 24.7 million shares, or 42.5% of the amount being offered.
Micot develops bi- and multi-specific peptide drugs for the treatment of metabolic, cardiovascular and cerebrovascular diseases. The company has one core product and six other candidates in its pipeline, though none of those has been commercialized yet. Its core product is a dual-targeting receptor agonist polypeptide for the treatment of chronic kidney disease-secondary hyperparathyroidism (CKD-SHPT).
The company lost 185 million yuan ($27.3 million) last year, compared with a 157 million yuan loss in 2024.
By Doug Young
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