Fusen Pharmaceutical was listed on the Hong Kong Stock Exchange on July 11, becoming the first biopharmaceutical company in Henan province to be listed there.
Huo Haosheng, mayor of Nanyang, and Cao Changcheng, chairman of Fusen Pharmaceutical, strike a gong to celebrate the listing of the company. [Photo/nydt.cn]
The company (stock code: 002898) opened at HK$2.08 ($0.3) and rose by 13.94 percent to HK$2.37 within 30 minutes of being listed, with a trade volume of more than HK$29.9 million. It closed at HK$2.54 at 4:10 pm during its Hong Kong trade debut, rising a total of 22.12 percent.
Located in Xichuan county, Nanyang, Henan Fusen Pharmaceutical is engaged in research, development, production and marketing of a variety of Chinese patent medicines and Western medicine products for the treatment of colds, fevers, cardiovascular diseases and anemia.
It is the largest manufacturer of Shuanghuanglian cold medicine and the eighth largest manufacturer of Chinese patent medicine for colds, with a market share of 33.3 percent and 2.9 percent, respectively, in 2017.
Fusen's listing in Hong Kong is expected to push the company to new heights and help promote the traditional Chinese medicine industry in Nanyang.
Listing companies is an essential part of Nanyang's economic transformation. Local key enterprises such as Zhongjing Super Kitchen, Wanxi Pharmaceutical, Jinguan Electric, and Xiangnian Food are also preparing for their initial public offerings.