3SBio Inc. Climbs 5% In First Trading Day In Hong Kong

3SBio, a Shenyang biotech, rose 5% in its first day of trading in Hong Kong following the company's $711 million IPO. Even though the IPO was priced at 43 times earnings, the IPO had no trouble attracting investors at the top of its range, and then moving higher in open market trading. CITIC Private Equity, which backed the company's privatization, pocketed $177 million of the proceeds, but the remaining $534 million will go to 3SBio, which promised to spend almost half of its new capital to add new products to its already extensive portfolio of development-stage products.

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