Luye Pharma of China capped off a successful Hong Kong IPO with a strong first day of open-market trading, rising 12% to close at HK$6.65. In 2012, the company had been privatized at a valuation of $500 million, which means the IPO produced a 5X return for the investors. Because the IPO went so smoothly, it showed that Hong Kong is once again an attractive venue on which to list stable, growing China pharmas.
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