Sinopharm (ticker: 1099), the largest drug distributor in China, stated trading yesterday in Hong Kong. It spiked up to a 25% gain early in the morning, but faded in the afternoon session (yes, the market does close for lunch) in a declining market to end the day up “only” 16%. This is apparently better than the average IPO first day trading experience this year in Hong Kong, but to my mind a bit disappointing.
The stock fared better in trading today. Volume was half the 360+ million of its debut, but Sinopharm was up sharply, again in a down market and with a failed IPO debut of a construction company, to boot. Sinopharm closed at HK$19.98 (vs the HK$16 offering price) and restoring my confidence in the state of the bull market in Hong Kong.
Still looks good for Wynn Macau.