As­cen­t­age soars dur­ing its first day on the Hong Kong ex­change, fol­low­ing $53M de­but

As­cen­t­age Phar­ma’s IPO boun­ty might have been mod­est com­pared to pre­vi­ous pub­lic de­buts on the Hong Kong stock ex­change, but it’s prov­ing pop­u­lar among in­vestors on its first trad­ing day.

The Suzhou-based biotech soared as much as 57% ear­ly Mon­day af­ter com­plet­ing a $53 mil­lion raise on Fri­day, Bloomberg not­ed. The launch price of HK$34.2 (around $4.36) fell in the mid­dle of the range, trans­lat­ing to a mar­ket cap of al­most $890 mil­lion. As­cen­t­age’s stock end­ed the day at HK$37.6.

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