China's Giant Biogene to raise US$70m in HK IPO, according to sources

CHINA’S Giant Biogene has priced its shares at HK$24.30 each to raise US$70 million in its Hong Kong initial public offering, according to two sources with direct knowledge of the matter.

The sources could not be named as the information had not yet been made public.

Giant Biogene did not immediately respond to a request for comment.

The Xian-based company, which specialises in medicinal skin care treatment, sold 22.6 million shares in the IPO.

Giant Biogene had aimed to raise up to US$500 million, sources previously told Reuters, but scaled back the deal because of volatile financial market sentiment.

The final price is at the lower end of the range of HK$24.30 and HK$27.70 per share set out when the deal launched on Tuesday.

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Giant Biogene is set to start trading on the Hong Kong Stock Exchange next Friday.

There has been US$10.33 billion worth of capital raised in new share sales in Hong Kong so far in 2022, down from US$37.7 billion during the same period last year, according to Refinitiv data. REUTERS