The eyedrops maker plans to withdraw from GEM and move to the main board
Shares in Sino Biopharmaceutical have more than doubled since their listing on the Growth Enterprise Market. However, this is still not enough for the maker of eyedrops and hepatitis medicine which is withdrawing from the Growth Enterprise Market next Monday and moving to the main board, which it hopes will give it greater exposure
'We hope the main-board listing will enable the company to gain further recognition from larger institutional investors, which will enhance our public profile,' vice-president Stephen Tse said.
He said institutional investors were growing more interested in the company but many could not buy its shares because of its GEM status. He said the main-board listing would not involve additional fund-raising activity.
Despite the GEM's poor liquidity, Sino Biopharmaceutical shares have put in a spectacular performance since their debut in September 2000. The counter has climbed 137.5 per cent since listing, closing at $2.85 on Friday, and is up 42.5 per cent since the start of the year.
This compares with a 19.18 per cent rise in the S&P/HKEx GEM Index and a 32.14 per cent gain in the Hang Seng Index since the beginning of the year.