WuXi AppTech executives at the Shanghai exchange in May. Photo: VCG
Hong Kong shares of biotech superstar WuXi AppTec began their first day of trading Thursday near their IPO price of HK$68 ($8.70).
WuXi AppTec is among an emerging group of fast-growing Chinese biotech firms that are tapping financial markets at home and abroad. But unlike many of its peers, WuXi AppTec is profitable, as others lose money while their drugs go through clinical trials and await regulatory approval.
In May, the firm surged 44% on its Shanghai debut, rising from an IPO price of 21.6 yuan ($3.14) to 31.1 yuan and hitting Shanghai’s daily increase limit for newly-listed shares.