Frontage Holdings Corporation, the parent company of Frontage Laboratories, Inc., a fast-growing contract research organization, specializing in R&D product development services, with operations in both the United States and China, announced on May 30th that the Company's Shares have initiated trading on the Main Board of The Stock Exchange of Hong Kong.
Shares of the Company were actively traded on the first day of listing, with an intraday high of HK$3.78 each and closed at HK$3.35, representing an increase of approximately 4.69% from the offer price of HK$3.20. Total trading volume was approximately 280.7 million shares, representing an aggregate turnover of approximately HK$1.01 billion.
Dr Song Li, Founder, Honorary Chairman of Frontage said, “We are recognized as a leader among CRO companies in the United States, in terms of quality, reliability, affordability, productivity, technology and regulatory compliance. Our successful listing today marks another important milestone in our development history.”
Net proceeds from the Global Offering, after deduction of the underwriting fees and commissions and estimated expenses, are estimated to be HK$1,515.41 million, assuming the Over-allotment option is not exercised.
Looking forward, Frontage will leverage the net proceeds to further expand the Company's product development services capacity and capabilities as stated in the “Future Plans and Use of Proceeds” section of the Prospectus, to capitalize on growth opportunities arising in the two largest pharmaceutical markets in the world, the United States and China.
Frontage Laboratories, Inc., a CRO providing integrated, scientifically-driven product development services throughout the drug discovery and development process that enables pharmaceutical and biotechnology companies to achieve their drug development goals. The Company benefits greatly from having operations in both the United States and China - the two largest pharmaceutical markets in the world and is well placed to capture growth opportunities in both markets.