Latest news with #Ab&BBio-Tech
Economic Times
a day ago
- Business
- Economic Times
China's Ab&B Bio-Tech shares soar 170% driven by retail demand
Shares of China's Ab&B Bio-Tech gained nearly 170% on Monday, as the vaccine development firm debuted on the Hong Kong Stock Exchange after it raised $55 million in an initial public offering. ADVERTISEMENT The retail tranche of the IPO was nearly 4,000 times oversubscribed by investors, the company's filings showed. The share hit a high of HK$34.80 in early trade, with about 7.68 million Ab&B Bio-Tech shares worth HK$253.8 million ($32.33 million) changing hands on the Hong Kong Stock Exchange. The Hang Seng Index was up 0.2% on Monday. Ab&B Bio-Tech, which is developing influenza and rabies vaccines, sold 33.44 million shares at HK$12.90 each, according to the filings. The price set was at the bottom of the range flagged to investors when the deal was launched. The strong demand from Hong Kong's retail investors meant 651,600 shares due to be sold to institutional investors were re-allocated to those public investors, the filings showed. ADVERTISEMENT There were nearly 192,000 applications from retail investors to buy stock and 18,984 of those were allocated shares. Despite the retail buying, weak demand from institutions meant the institutional portion of the deal was only just covered. ADVERTISEMENT ($1 = 7.8498 Hong Kong dollars). (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
a day ago
- Business
- Time of India
China's Ab&B Bio-Tech shares soar 170% driven by retail demand
Shares of China's Ab&B Bio-Tech gained nearly 170% on Monday, as the vaccine development firm debuted on the Hong Kong Stock Exchange after it raised $55 million in an initial public offering . The retail tranche of the IPO was nearly 4,000 times oversubscribed by investors, the company's filings showed. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo The share hit a high of HK$34.80 in early trade, with about 7.68 million Ab&B Bio-Tech shares worth HK$253.8 million ($32.33 million) changing hands on the Hong Kong Stock Exchange. The Hang Seng Index was up 0.2% on Monday. Ab&B Bio-Tech, which is developing influenza and rabies vaccines , sold 33.44 million shares at HK$12.90 each, according to the filings. The price set was at the bottom of the range flagged to investors when the deal was launched. Live Events The strong demand from Hong Kong's retail investors meant 651,600 shares due to be sold to institutional investors were re-allocated to those public investors, the filings showed. There were nearly 192,000 applications from retail investors to buy stock and 18,984 of those were allocated shares. Despite the retail buying, weak demand from institutions meant the institutional portion of the deal was only just covered. ($1 = 7.8498 Hong Kong dollars).
Business Times
a day ago
- Business
- Business Times
Chinese flu shot maker soars in Hong Kong trading debut
[HONG KONG] Ab&B Bio-Tech soared as much as 169 per cent in its trading debut in Hong Kong, after retail investors flocked to the Chinese vaccine maker's initial public offering (IPO). The stock climbed to as high as HK$34.64 per share on Monday (Aug 11) morning, more than double its HK$12.90 IPO price, which was set at the low end of the marketed range. The share sale's success builds on the rally of health-care stocks, which have been the best performers on the Hang Seng Composite Index this year. Ab&B, which sells an influenza vaccine, was so sought after among retail investors that they applied for more than US$20 billion worth of margin loans to bid for the stock. That's thousands of times the number of shares available to them. Ab&B is also the last company to go public in Hong Kong under listing rules that allowed retail investors to grab as much as half of all allocated shares in an oversubscribed new listing. Starting this August, mom-and-pop investors will only be able to get up to 35 per cent of such deals. Aside from flu shots, Ab&B is also developing vaccines for rabies, herpes and other respiratory diseases, with plans to commercialise them in China and beyond. Though much smaller in scale, Ab&B follows other health-care companies in starting out with a bang in Hong Kong this year. Cancer drugmakers Duality Biotherapeutics and Nanjing Leads Biolabs saw their stocks more than double on their trading debuts. BLOOMBERG
