Six companies debuted on the Hong Kong stock exchange on Tuesday, capping a year that reaffirmed the city’s dominance as the world’s top initial public offering (IPO) market and one of the best-performing benchmarks.
The six debutants raised a combined HK$6.99 billion (US$899 million), adding to several sizeable deals this year, with about eight IPOs raising at least HK$10 billion each.
Shares of drug-discovery firm Insilico Medicine rose 45.5 per cent to HK$35 in their trading debut, from their offer price of HK$24.05. The US company, which focuses on using artificial intelligence to accelerate drug discovery, raised HK$2.28 billion in the biggest IPO among the newcomers.
“We extend our gratitude to the Hong Kong stock exchange and Hong Kong as a city for providing this world-class platform for many investors,” said Alex Zhavoronkov, founder, chairman and CEO of Insilico, during a ceremony at Hong Kong Exchanges and Clearing. “This is just the beginning. Let’s work together to make this world a safer, better and healthier place so people can live much longer, healthier and more productive lives.”
OneRobotics (Shenzhen), which provides smart home robotic systems in Japan, Europe and North America, debuted unchanged from its offer price at HK$73.80 after raising HK$1.64 billion in its IPO.
Beijing 51WORLD Digital Twin Technology gained 14.8 per cent to HK$35 from its offer price of HK$30.50, while Shanghai Forest Cabin Cosmetics Group rose 9.3 per cent to HK$85 from HK$77.77. Shenzhen Xunce Technology, which provides real-time data infrastructure and analytics, debuted at HK$48.02, unchanged from its offer price of HK$48, while USAS Building System (Shanghai) added 15.6 per cent to HK$8.21 from HK$7.10.
