Top Chinese drugmaker Hengrui soars in Hong Kong trading debut

Jiangsu Hengrui Pharmaceuticals Co., China’s largest drugmaker by market value, surged in its trading debut in Hong Kong after raising HK$9.9 billion ($1.3 billion) as listings pick up in the Asian financial hub. 

The stock opened 29% higher at HK$57 on Friday, after jumping in Hong Kong gray market trading on Thursday. The company had sold its stock at the top end of the marketed range amid strong demand for the shares.

Hengrui’s debut, which comes on the heels of Contemporary Amperex Technology Co. Ltd.’s blockbuster Hong Kong premiere, builds on Hong Kong’s hot listings market—where proceeds are forecast to double to more than $22 billion this year. For Hengrui, the proceeds give the drugmaker funds to expand its research into treating everything from from cancer to cardiometabolic diseases and neurological disorders. 

Hengrui, which went public in Shanghai in 2000, was founded in 1970 and traces its roots to a factory producing pharmaceutical ingredients in a small town in eastern China. The company branched out over the next few decades, amassing a wide portfolio of generics and branded drugs.

In the past few years, it began earning international recognition as being at the forefront of China’s rapid biotech emergence. It’s struck a dozen deals to develop experimental therapies outside of China, with global drugmakers such as Merck & Co. and Ideaya Biosciences Inc. In a landmark pact valued at as much as $6 billion, Hengrui licensed three experimental obesity drugs to a startup backed by Bain Capital Life Sciences and RTW Investments.

But the company has yet to win an approval for any of its branded drugs outside of China. Its first attempt at FDA approval was rejected twice, and other drugs are still years away from potential overseas registration.

Sun Piaoyang, Hengrui’s longtime chairman, boasts a fortune of $12.6 billion, according to the Bloomberg Billionaires Index. Still, that’s less than the wealth of his wife, Zhong Huijuan, who leads Hansoh Pharmaceutical Group Co. She has a fortune valued at $15.1 billion, according to the index. 

This story was originally featured on Fortune.com