Dow Jones Newswires: Beijing Chunlizhengda Medical stock dives in Shanghai debut

Daily Trade

Shares of Beijing Chunlizhengda Medical Instruments Co. dived in their Shanghai debut on Thursday, after the company raised 11.46 billion yuan ($1.80 billion) from a secondary listing on China’s Nasdaq-like Star Board.

The stock lost as much as 9.4% to CNY27.01 a share, sharply down from its offering price of CNY29.81.

Beijing Chunlizhengda’s Hong Kong-listed shares fell as much as 4.4%.

Beijing Chunlizhengda, which manufactures orthopedic medical devices, said it plans to use the bulk of the share-sale proceeds for new facilities and research and development.

The company’s Shanghai-traded shares were last down 6.1% at CNY28.00.

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