JIANGXI BIO's stock plummeted 21.43% at market open on Tuesday, as the biopharmaceutical company made its trading debut in Hong Kong.
The sharp decline came after the company's shares were set to open at HK$7.4 per share, significantly below the final offer price of HK$11.2 per H share established for its global offering. This represents a discount of approximately 33.9% from the IPO price, indicating substantial downward pressure and weak initial investor demand for the new listing.
The company had previously announced the final offer price under its global offering at HK$11.2 per H share, but market conditions appear to have forced a much lower opening valuation for the stock's first day of trading, leading to the immediate price drop.