BRIEF—Hutchmed closes global offering and debuts in Hong Kong

China-based drugmaker Hutchmed has announced the closure of its global offering and primary listing in Hong Kong.

Gross proceeds from the offering total HK$4.17 billion ($540 million) and on the first day of trading on Wednesday, Hutchmed closed 50% up in Hong Kong, while shares were 13% higher as the closing bell neared of London’s AIM market.

The company, formerly known as Hutchison China MediTech, entered into cornerstone investment agreements with investors affiliated with The Carlyle Group, Canada Pension Plan Investment Board, General Atlantic, HBM Healthcare Investments and CICC Grandeur Fund. They bought 61% of shares sold in the global offering.