Shares of Star Sports Medicine Co, a maker of medical devices, surged as much as 204 percent in their Hong Kong trading debut on Tuesday, extending a run of hot first-day performances in the city.
The stock climbed to as high as HK$299 early trading, compared with an initial public offering price of HK$98.50 per share. Strong investor demand helped the company raise HK$829.6 million ($106 million), with its retail portion subscribed more than 7,823 times.
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The debut adds to a string of strong Hong Kong Special Administrative Region listings in recent months, as investors warm to Chinese mainland healthcare and technology names.
The weighted average first-day gain of listings that raised at least $100 million has been 42.3 percent this year, according to data compiled by Bloomberg. Recent debuts included a roughly 380 percent pop for optical-computing firm Lightelligence and a 241 percent surge for hardware and software firm Shanghai Sunmi Technology.
Demand for medical devices has been rising across the mainland’s aging and increasingly active population, drawing a wave of listings from domestic equipment makers and innovative drugmakers to the Hong Kong SAR.
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Star Sports is a Beijing-based medical device maker specializing in clinical sports medicine solutions targeting major joints. Its product portfolio spans self-developed implants, equipment, consumables and surgical instruments used for injury treatment, rehabilitation and prevention.
