Chinese drugmaker Ganzhou Hemay delays Hong Kong listing on market conditions

Nov 4 (Reuters) – Chinese drugmaker Ganzhou Hemay Pharmaceutical said on Wednesday that it has postponed its global offering and the planned listing on the Hong Kong stock exchange, citing current market conditions. Here are some more details:

• Last week, the firm launched its global offering, aiming to raise about HK$1.04 billion ($132.56 million), at the maximum offer price of HK$18.9 per share

• The company said all application monies will be fully refunded, without interest

• Hemay added that it was committed to completing the global offering and the listing in due course

• Ganzhou Hemay, established in 2002, counts Mufemilast — a treatment for psoriasis, an autoimmune skin condition that causes itchy skin — as its core product

• Last week, the firm said it expects to raise about HK$879.3 million in net proceeds from the offering, with more than half earmarked for the development and commercialization of Mufemilast

• Fueled by mainland Chinese share sales, Hong Kong ranked as the world’s top listing venue in 2025, with total equity capital market fundraising jumping 164% to $103 billion, according to exchange data.

($1 = 7.8456 Hong Kong dollars)

(Reporting by Rudrannsh Mehra in Bengaluru; Editing by Jochelle Mendonca)

Brought to you by www.srnnews.com

Click here to read the full article