Biotech company 3SBio Inc rose on Thursday in its Hong Kong market debut, riding on improving sentiment in a market that has been bolstered by a liquidity-driven rally.
Shares in 3SBio Inc, which delisted from the US stock market two years ago, rose 5.16 per cent by midday to close at HK$9.55 in Hong Kong on its first trading session, after raising US$711 million in a Hong Kong initial public offering.
The Shenyang-based biotech company and its key shareholder, Citic Private Equity, offered a total of 606.1 million shares and priced the deal at the top end of the marketing range between HK$8.3 and HK$9.1.
Hong Kong stocks felt the positive impact from the Bank of Korea’s move to cut rates for the fourth time since August to a record low of 1.5 per cent, while the Reserve Bank of New Zealand unexpectedly lowered its benchmark interest rate by 0.25 percentage point to 3.25 per cent.
Only 11 out of 50 stocks in the Hang Seng Index finished in the red this morning, with persistent downward pressure seen in Macau casino stocks. Galaxy Entertainment dropped 1.5 per cent to a one-month low of HK$32.9, while Sands China slid 1.4 per cent to HK$28.8, slightly above its 52-week low of HK$28.05.