Fi­nal­ly! In­novent hikes on Hong Kong de­but amid cloudy mar­ket sen­ti­ments

In­novent Bi­o­log­ics has surged on its close­ly watched Hong Kong IPO, hit­ting a 21% rise at one point and end­ing the day at 18.6% above its IPO price af­ter rais­ing a record set­ting $421 mil­lion. The Suzhou-based uni­corn, which earned a val­u­a­tion of $2 bil­lion with its pipeline of 17 mon­o­clon­al an­ti­bod­ies, is the fourth pre-rev­enue biotech to list on the HKEX and the on­ly one whose stock didn’t go down on the first day of trad­ing: As­cle­tis, Hua Med­i­cine and Nas­daq-list­ed BeiGene are all still trad­ing be­low their de­but price.

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