Update on Sinopharm; prospects for Wynn Macau

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.

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