Key Takeaways
- • Ganzhou Hemay Pharmaceutical postponed its global offering and planned Hong Kong stock exchange listing on Wednesday, citing current market conditions, according to Reuters.
- • The offering had launched the prior week, targeting about HK$1.04 billion ($132.56 million) at a maximum offer price of HK$18.9 per share.
- • All application monies will be fully refunded without interest, and the company said it remains committed to completing the offering and listing in due course.
- • The firm expected net proceeds of about HK$879.3 million, with more than half earmarked for development and commercialization of its core product Mufemilast, a psoriasis treatment.
Summary
Chinese drugmaker Ganzhou Hemay Pharmaceutical said on Wednesday that it has postponed both its global offering and its planned listing on the Hong Kong stock exchange, citing current market conditions, according to Reuters. The company had launched the offering only the previous week, seeking to raise about HK$1.04 billion ($132.56 million) at a maximum offer price of HK$18.9 per share.
The company stated that all application monies will be fully refunded, without interest, to investors who applied. Hemay added that it remains committed to completing the global offering and the listing at a later date, without specifying a new timetable.
Established in 2002, Ganzhou Hemay counts Mufemilast, a treatment for psoriasis, an autoimmune skin condition, as its core product. When it launched the offering, the firm had said it expected net proceeds of about HK$879.3 million, with more than half to be directed toward the development and commercialization of Mufemilast.
The postponement comes against a backdrop of strong activity in Hong Kong's capital markets. Fueled by mainland Chinese share sales, Hong Kong ranked as the world's top listing venue in 2025, with total equity capital market fundraising rising 164% to $103 billion, according to exchange data cited by Reuters.
The company stated that all application monies will be fully refunded, without interest, to investors who applied. Hemay added that it remains committed to completing the global offering and the listing at a later date, without specifying a new timetable.
Established in 2002, Ganzhou Hemay counts Mufemilast, a treatment for psoriasis, an autoimmune skin condition, as its core product. When it launched the offering, the firm had said it expected net proceeds of about HK$879.3 million, with more than half to be directed toward the development and commercialization of Mufemilast.
The postponement comes against a backdrop of strong activity in Hong Kong's capital markets. Fueled by mainland Chinese share sales, Hong Kong ranked as the world's top listing venue in 2025, with total equity capital market fundraising rising 164% to $103 billion, according to exchange data cited by Reuters.
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