Chinese drugmaker Ganzhou Hemay delays Hong Kong listing on market conditions

Nov 4 (Reuters) – 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. Here are some more details:

• 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.

($1 = 7.8456 Hong ​Kong dollars)

(Reporting by Rudrannsh Mehra in Bengaluru; ​Editing by Jochelle Mendonca)