Shanghai Pharma shares dip at debut

Hong Kong: Shanghai Pharmaceuticals Holding Co, China’s second-largest drug distributor, fell back to the offer price in its Hong Kong trading debut after raising HK$15.3 billion (€1.4bn) in a share sale this month.

Shanghai Pharma traded at HK$23 as on the Hong Kong exchange, while the city’s Hang Seng Index was little changed. Shares of the Shanghai-based company, the first in China licensed to make Roche Holding AG’s Tamiflu influenza medicine, climbed as much as 1.5% earlier in the session.

The stock was set to underperform the median 3.8% closing gain of 18 companies that made their debut in Hong Kong this year, according to data compiled by Bloomberg.