Chinese biotech company BeiGene plunges on Shanghai debut By Reuters

Chinese biotech company BeiGene plunges on Shanghai debut By Reuters
Chinese biotech company BeiGene plunges on Shanghai debut© Reuters. FILE PHOTO: People enter a building of biotechnology firm BeiGene Ltd at the Suzhou Industrial Park in Suzhou, Jiangsu province, China November 22, 2019. REUTERS/Stringer

BEIJING (Reuters) -Chinese biotech company BeiGene (NASDAQ:) Ltd plunged on its Shanghai debut on Wednesday after raising $3.5 billion in the biggest STAR Market listing this year.

BeiGene, which posted consecutive years of losses, tumbled more than 15% in early trading, after opening 8.1% lower than its offer price of 192.6 yuan.

The offering, the biggest float of a healthcare company in China in at least two decades according to Refinitiv data, comes amid growing concerns some Chinese companies could be ordered to delist from the U.S. stock market.

BeiGene’s Nasdaq-listed shares have tumbled nearly 20% so far this month, as U.S. securities regulators finalished rules to kick non-compliant Chinese companies off…

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