Chinese biotech PegBio’s shares fall 13% on Hong Kong IPO debut

PegBio, a Hangzhou-headquartered Chinese biotech firm, made its debut on the main board of the Hong Kong Stock Exchange HKEX on May 27. The stock opened at HK$13.5 $1.7 per share, 13.5% lower than the listing price of HK$15.6, which placed the initial public offering IPO offer at HK$300.8 million in total size.

PegBio's stock price closed at HK$11.56 per share. Hong Kong’s Hang Seng Index returned to over 23,400 points.

Pre-IPO investments were mainly backed by Chinese and Hong Kong-based investors, with an aggregate amount of approximately $50.3 million and Rmb1.05 billion $145.7 million, according to the firm. Yuan...