BRIEF: Hangzhou Diagens doubles in Hong Kong debut

The Hong Kong-listed medical device manufacturer Hangzhou Dian Biotechnology Co., Ltd. saw its stock price double on its first trading day, becoming a highlight among the four companies newly listed in the vibrant IPO market in Hong Kong this year. Dian raised approximately HKD 720 million (about USD 92 million) in net proceeds by selling around 8 million shares at a price of HKD 99 per share. The allocation for local Hong Kong investors was oversubscribed more than 1,000 times, while the international portion was oversubscribed 2.45 times. The stock opened at more than double the IPO price and maintained most of its gains during afternoon trading, rising by 117%, with a market capitalization of approximately HKD 19.1 billion