Wuxi XDC Cayman's Successful Trading Debut

Shares of Wuxi XDC Cayman, a subsidiary of Chinese contract drugmaker Wuxi Biologics, made an impressive start in their trading debut in Hong Kong. Investors eagerly jumped on the opportunity to compensate for missing out on the company's initial public offering.

The company's shares opened 31% higher compared to the IPO price of HK$20.60 per share. Wuxi XDC, which specializes in research, development, and manufacturing of antibody-drug conjugate, a type of cancer treatment medication, successfully raised HK$3.68 billion (US$471.7 million) through its IPO.

Wuxi XDC's successful listing comes at a time when many companies in Hong Kong have struggled with new offerings. In the first nine months of the year, IPO funds raised in the city dropped from HK$73.7 billion to HK$24.6 billion compared to the same period last year.

Several global investors, including Invesco, Qatar's sovereign-wealth fund, and HongShan (formerly known as Sequoia Capital China), have shown their confidence in Wuxi XDC by committing to its IPO, as mentioned in the company's listing document.