Dubbed as the "Moutai as Medicine", the leading pharmaceutical company in Mainland China recently listed in Hong Kong, HENGRUI PHARMA (01276.HK) , opened 1.6% lower this morning (26th) and saw its decline widen in early trading, bottoming at HKD52.9. It last printed at HKD53, down 3.9%, with a trading volume of 8.1265 million shares, involving HKD437 million.

The H-shares were listed last Friday (23rd) at the upper limit of the offering price range of HKD44.05, closing at HKD55.15, 25.2% above the listing price. The net proceeds raised amounted to HKD9.747 billion.

Its seven cornerstone investors included GIC, Invesco Advisers, UBS AM Singapore, Cordial Solar, Hillhouse, Millennium, and Oaktree, collectively subscribing USD533 million worth of shares in aggregate.

Citigroup had published a report in early May, forecasting Hengrui Medicine's revenue growth from 2024 to 2027 to be 21%, total pharmaceutical sales growth to be 22%, and innovative drug business revenue growth to be 35%.
(HK stocks quote is delayed for at least 15 mins.)