Chipscreen Bio's STAR shares soar over 300% in first day



Shenzhen Chipscreen Biosciences Co., Ltd, (SH.688321) finally held its initial public offering to the Science and Technology Innovation Board (STAR) hosted by the Shanghai Stock Exchange (SSE) yesterday. The firm issued 50 million shares at a price of RMB 20.43 each for a take home of RMB 1.022 billion, however the price immediately embarked on a rollercoaster ride.

At one point Chipscreen’s share price had soared a record 511.85% to RMB 125/share, before closing the day up 366.52% and giving the firm a market capitalization of RMB 4.2 billion (USD 594.4 million). Markets were calmer today, with the firm’s share price down to RMB 85.07, a decline of 10.74%.

The market frenzy reflects Chipscreen’s status as the first innovative drug developer to list on STAR. Founded in Shenzhen in 2001, the firm specializes in research and development of original innovative drugs for treating cancer, metabolic diseases, and immune diseases. The company already markets chidamide in China, touted as the world's first subtype-selective histone deacetylase (HDAC) inhibitor and the first oral peripheral T-cell lymphoma therapy, as GBI reported.

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