Alebund Pharmaceuticals Shares Surge on Hong Kong Debut

The Shanghai-based developer raised HK$1.28 billion through the sale of 56.8 million shares, drawing backing from high-profile cornerstone investors including Singapore’s sovereign wealth fund GIC and a Tencent venture capital arm. Founded in 2018, the company is currently advancing seven drug candidates. Its primary focus remains a treatment for hyperphosphatemia, which is now in phase 3 clinical trials across the United States and China.

Management plans to funnel the majority of the proceeds into regulatory filings and further clinical development. The broader market reflected this enthusiasm, as the Hang Seng Biotech Index posted its largest intraday jump since March 2022, rising 7.7%. Industry peers including Hengrui Pharmaceuticals and CSPC Pharmaceutical also saw significant gains, each climbing roughly 10% during the session.