After the Hong Kong exchange saw the first slate of biotech IPOs plunge well below their debut price, the investment crowd got more than a little worried about what the future held for other Chinese players looking to raise cash. But Shanghai Junshi Biosciences has helped ease the fretting — for now — after watching its stock leap on their rollout Monday.
According to Reuters the company raised close to $400 million and then cheered on a 22% surge in their stock price. And that follows a successful launch for Innovent, another premier China biotech, which has also seen a surge since their IPO some weeks ago.
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