Chinese drugmaker Ganzhou Hemay Pharmaceutical said on Wednesday that it has postponed its global offering and the planned listing on the Hong Kong stock exchange, citing current market conditions.
Last week, the firm launched its global offering, aiming to raise about HK$1.04 billion ($132.56 million), at the maximum offer price of HK$18.9 per share
The company said all application monies will be fully refunded, without interest
Hemay added that it was committed to completing the global offering and the listing in due course
Ganzhou Hemay, established in 2002, counts Mufemilast — a treatment for psoriasis, an autoimmune skin condition that causes itchy skin — as its core product
Last week, the firm said it expects to raise about HK$879.3 million in net proceeds from the offering, with more than half earmarked for the development and commercialization of Mufemilast
Fueled by mainland Chinese share sales, Hong Kong ranked as the world’s top listing venue in 2025, with total equity capital market fundraising jumping 164% to $103 billion, according to exchange data.
Reuters
