Maco-B Biopharma (2335.HK) climbed more than 5% during Hong Kong trading to HKD38.86.

The stock debuted yesterday at the HKD18.2 IPO price, closing up approximately 103% to HKD36.9. Today marks the second trading day as prices continued higher, touching a new listing high of HKD39.42 intraday.

As the first northwest China innovative drug company listed under Rule 18A, the firm focuses on peptide therapeutics with its core product MT1013 in Phase III clinical trials. The IPO public offering was oversubscribed by approximately 1,181 times, with pre-market trading previously gaining over 95%.