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Exton firm raises US $200 million in Hong Kong IPO

The sale raised HK $1.51 billion, or nearly $200 million in U.S. dollars.

Pedestrians walk past the Exchange Square complex, which houses the Hong Kong Stock Exchange, in Hong Kong on Feb. 11, 2019.Frontage Holdings Corp., a medical-products contract research organization with offices in Exton and in China, says its shares began trading on the Hong Kong Stock Exchange’s main board on May 30. Bloomberg photo by Justin Chin.
Pedestrians walk past the Exchange Square complex, which houses the Hong Kong Stock Exchange, in Hong Kong on Feb. 11, 2019.Frontage Holdings Corp., a medical-products contract research organization with offices in Exton and in China, says its shares began trading on the Hong Kong Stock Exchange’s main board on May 30. Bloomberg photo by Justin Chin.Read moreJustin Chin

Frontage Holdings Corp., a pharmaceutical contract research organization with offices in Exton, Chester County, Pa. and in Hangzhou, China and hundreds of employees in both locations, says its shares began trading on the Hong Kong Stock Exchange’s main board on May 30, rising 4.7 percent on the first day of trading to close at HK $3.35.

The sale raised HK $1.51 billion, or nearly $200 million in U.S. dollars. Song Li, the company’s founder, said in a statement that the offering marked “another important milestone in our development history.” Frontage said it will use the money for product development “to capitalize on growth opportunities arising in the two largest pharmaceutical markets in the world, the United States and China.”