Shares of Ascentage Pharma Group International rose as much as 4% in the Chinese biopharmaceutical company’s US trading debut after pricing its $126.4 million initial public offering at a discount to its Asian stock.
Ascentage, which made its public debut in Hong Kong in 2019, sold 7.3 million American depositary shares in the US for $17.25 each, according to a statement, at a roughly 20% discount to its ordinary Hong Kong-listed stock at Thursday’s closing price. The company’s American depositary shares traded at $17.49 apiece as of 11:06 a.m. in New York. Each of those represents four of the ordinary shares, according to a filing with the US Securities and Exchange Commission.
