Simcere breaks negative trend for Chinese listings in the US
The pharmaceutical company trades up 5.5% after pricing its $226.5 million IPO at the top of the range.
Simcere Pharmaceutical Group has broken the recent trend of a negative first day performance for Chinese companies listing in the US, rising 5.5% on its New York Stock Exchange trading debut on Friday.
The company, which manufactures and distributes mainly branded generic pharmaceuticals but has also made a move into innovative drugs, received a good response to its initial public offering, allowing it to fix the price at the top of the $12.50 to $14.50 range.
This resulted in...
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