China Medical System shares surge 11% with its secondary listing on SGX
At 9 am, its shares traded at S$2.05 at the open, before increasing to S$2.08 by 9.03 am. By 9.05 am, CMS had risen by over 2.4 per cent to S$2.10, and hit S$2.12, up 3.4 per cent as at 9.07 am. As at 9.12 am, its share price had risen to S$2.18, 6.3 per cent higher than its price at market open.
The company's shares were last at S$2.28, up 11.2 per cent with around 150,000 shares changing hands.
In an earlier statement on Jun 24, CMS said the listing will not involve the issuance of new shares, and the shares will continue to be primarily listed and traded on the Hong Kong Stock Exchange thereafter.
CMS is a specialty pharma with a focus on sales and marketing in China, with capabilities across the full lifecycle of drug development, from identifying clinical needs to research and development (R&D) regulatory approval, and commercialisation.
The company has been listed in Hong Kong since 2010, and has expressed interest in a secondary listing on Singapore's bourse in July this year.
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Its regional headquarters for its South-east Asia and Middle East business is Singapore.
According to CMS, it expects growth momentum to accelerate on the back of the replenishment of its pipeline of innovative drugs to about 40 products as at Dec 31, 2024, where it noted four key platforms to scale its pharmaceutical ecosystem across Asia-Pacific.
One is CMS R&D, which is involved in drug discovery and development targeting global markets, while PharmaGend is a development and manufacturing platform for regional manufacturing and supply.
The pharmaceutical group also has Rxilient Health, a Singapore-headquartered entity focused on registration and commercialisation in South-east Asia and a Singapore venture arm, which makes strategic investments to support regional pharma innovation.
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