BrainAurora gains 3.4% in Hong Kong stock debut as city eyes IPO crown in 2025
BrainAurora’s closing price of HK$3.33 values the entire company at HK$4.22 billion (US$542 million)
Shares of BrainAurora Medical Technology, a provider of medical diagnostics and digital therapies, jumped as much as 8.4 per cent in their Hong Kong market debut after completing the city’s first initial public offering (IPO) of the year.
The stock, which trades under the 6681 code, opened unchanged at HK$3.22 and ended 3.4 per cent higher at HK$3.33 when market closed at 4pm local time, valuing the entire company at HK$4.22 billion (US$542 million). It earlier surged as much 8.4 per cent to HK$3.49.
The company’s IPO attracted bids amounting to 11.4 times the number shares allocated to retail investors, who were betting on the booming themes of healthcare and technology. It was listed under the Hong Kong Exchanges and Clearing’s listing rule called Chapter 18A, which allows unprofitable biotech companies to raise funds from the public.
“This listing marks our entry into the fast lane of the international capital market as we became a new member of Hong Kong’s [chapter] 18A,” said chairman Tan Zheng, who struck the ceremonial gong at the stock exchange at 9.30am. More than 60 companies have listed under Chapter 18A since its launch in 2018.
