Wuxi Biologics Unit’s Hong Kong IPO Closes Order Book a Day Early, Sources Say

A unit of Chinese contract drugmaker Wuxi Biologics closed its order book a day early for its initial public offering and is likely to price the deal at the top of its marketed range, people familiar with the matter said, a rare instance of hot demand in a choppy year for listings in Hong Kong.

Wuxi XDC Cayman is set to raise the equivalent of about US$470 million if it prices the IPO at the top end of its marketed price range, at 20.60 Hong Kong dollars (US$2.64) a share, the people said. The Wuxi, China-based company does research, development and manufacturing with a focus on antibody-drug conjugate, a type of medicine for cancer treatment.