By Yantoultra Ngui and Donny Kwok
HONG KONG, Nov 11 (Reuters) – Shares of Sichuan Neautus Traditional Chinese Medicine closed 71.6% higher in their Hong Kong market debut on Wednesday after the company raised HK$262 million ($33.4 million) in an initial public offering.
• The shares of the Chinese traditional medicine manufacturer opened at HK$51.3, up 27.6% from their HK$40.20 offer price, and hit a high of HK$88.1
• They closed at HK$69.00, while the Hang Seng Index closed 0.98% lower
• Neautus sold 6.52 million shares at the bottom of the HK$40.20 to HK$50.55 price range
• The retail portion was 2,190.99 times subscribed, while the international offering was 1.25 times subscribed
• The company said it plans to expand and automate production, develop wellness products, widen sales in China, Vietnam and Malaysia, and fund working capital
($1 = 7.8429 Hong Kong dollars)
(Reporting by Yantoultra Ngui and Donny Kwok; Editing by Tom Hogue, DJ Yap and Louise Heavens)
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