HJ Science stumbles in Hong Kong debut after gray market surge

Sidley Advises HJ Science On Its Successful Chapter 18A Listing In Hong Kong.

Sidley acted as Hong Kong and U.S. counsel to HJ Science Co., Ltd. (HJ Science) (HKEX: 6132) in its initial public offering (IPO) and H share listing on the Main Board of the Hong Kong Stock Exchange (HKEX), under Chapter 18A of the Hong Kong Listing Rules. The offering raised approximately HK$1.11 billion (US$142 million). CITIC Securities (Hong Kong) Limited acted as the sole sponsor in the transaction. HJ Science is a clinical-stage biotech c…

HJ Science stumbles in Hong Kong debut after gray market surge

HJ Science’s Hong Kong debut quickly became a valuation test for pre-revenue biotech listings. The Sichuan-based company began trading on June 23. Two days later, as of publication, its share price had fallen by more than half. The weak debut followed an unusually volatile gray market session on June 22. HJ Science priced its IPO at HKD 81.8 (USD 10.4) per share. In Futu’s gray market, where shares trade before their official listing, the stock …