MEDICAL tech platform WuXi AppTec raised US$1.01 billion in its Hong Kong listing, sources said, valuing the company at US$10.2 billion in a deal that marks one of this year’s last big stock offerings in Hong Kong.

Shanghai-listed WuXi AppTec priced its Hong Kong shares at HK$68 (US$8.71) apiece, at the middle of an indicated range of HK$64.1-HK$71.5, the sources said Friday.

That represents a discount of 25 percent to its closing price of 79.99 yuan (US$11.63) Thursday.

It could raise up to US$1.16 billion if an overallotment option is exercised within a month of the start of trading, which would value the company at US$10.3 billion, according to a term sheet.

This listing should serve as positive news for Hong Kong, where many firms such as Meituan Dianping have sunk below their initial public offering (IPO) prices, while others have scaled back their targeted fundraising amid jittery markets.

Bankers have been hoping for WuXi AppTec and tech giant Tencent’s music arm, which launched its highly anticipated U.S. IPO of up to US$1.2 billion Monday last week, to help usher in 2019 on a positive note.

Referring to previous day’s guidance of HK$70, a source said, WuXi AppTec could have priced higher, but wanted to leave money on the table because of volatile markets last week.

Hong Kong is poised to become the world’s top IPO center by volume this year, with US$33.2 billion raised so far, Refinitiv data show. However, concerns over mounting trade friction between China and the United States and slowing growth in the world’s second-biggest economy continued to weigh.

Hong Kong’s benchmark Hang Seng index is down more than 12 percent this year.

Shanghai-based WuXi AppTec describes itself as the largest pharmaceutical research and development services platform in Asia by revenue.

(SD-Agencies)