Sunshine Lake Pharma falls in Hong Kong stock debut as listing buzz takes a breather
Trading under the stock sign 6887, Sunshine’s shares began trading at HK$57.50, a discount of 4.5 per cent to its last traded price of HK$60.24
Sunshine Lake Pharma’s shares fell on their debut in Hong Kong, as the buzz over first-day trading took a breather even as the market extended gains following China’s strong trade data in July.
Known also as Guangdong Dongyangguang Pharmaceutical, Sunshine was the first stock to commence trading by introduction on the local exchange after a takeover of its Hong Kong-listed subsidiary.
Trading under the stock sign 6887, Sunshine’s shares began trading at HK$57.50 on Thursday, a discount of 4.5 per cent to the last traded price of its unit of HK$60.24 a day earlier. The shares eventually closed 0.6 per cent lower at HK$59.90.
“The company will accelerate the integration of high-quality resources, speed up the commercialisation and globalisation of its innovative drug pipeline, and inject strong momentum into sustainable growth,” Sunshine’s chairman Zhang Yingjun said before striking a ceremonial gong at the HKEX’s Connect Hall to mark the commencement of trading.