Chinese Firms' Stellar HK Debuts Spur Hopes of Valuation Shift
The robust performance of two major Hong Kong stock listings this week has raised hopes that a small group of elite Chinese companies may start driving a shift to end the city's historical discount to mainland markets.
The latest addition to the cohort is Jiangsu Hengrui Pharmaceuticals Co., China's largest drugmaker by market value, which surged as much as 37% in its trading debut Friday in the Asian financial hub after raising HK$9.9 billion ($1.3 billion). The company's H-shares briefly commanded a 0.3% premium over its Shanghai-listed A-shares, before reverting to a discount of 4%.
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