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Strong Innovent IPO Restoring Faith In HK Biotech Listings?

 
• By Jules Quartly

Suzhou-based Innovent Bio becomes the fourth biotech from mainland China to go public in Hong Kong, and its strong first-day performance may have given the seemingly spooked market so far for such companies a shot of confidence.

Hong Kong
Innovent Hong Kong IPO Off To Strong Start • Source: Shutterstock

Robust demand greeted the closely-watched debut of Innovent Biologics Inc. on the Hong Kong stock market on October 31, despite the lackluster performance of previous biotech companies that have listed on the bourse over the past few months.

On the first day of its float under an initial public offering, shares of the Chinese monoclonal antibody developer soared as much as 21% in early trading, with the IPO price of HKD13.98 ($1

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