Frontage Holdings Corporation Won Warm Market Response on First Trading Day Closed at HK$3.35, up 4.69% vs Offer Price
June 4, 2019
Frontage Holdings Corporation
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 1521)
(May 31, 2019 – Hong Kong) A fast-growing contract research organisation which has operations in both the United States and China, Frontage Holdings Corporation (“Frontage” or the “Company”, stock code: 1521) announced on May 30 that the Company’s Shares have been traded on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1521”.
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.
Commenting on the positive reaction of the market, Dr Song Li, Founder, Honorary Chairman of Frontage said, “We are recognised as a leader among the 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. My sincere gratitude goes to those who have made contributions to our success and also to the investors for your support and the confidence that you placed in us. My teammates and I will use your money wisely and put up our great efforts to prove that your confidence is well placed.”
Looking forward, taking the listing as an opportunity, Frontage will leverage on the global capital to further the Company’s business development, and seize the growth opportunities arising from the two largest pharmaceutical markets in the world, the United States and China, so as to open a new chapter for its future development.
Hangzhou Tigermed Consulting Co., Ltd（stock symbol: 300347） is a leading Contract Research Organization (CRO) in China dedicated to provide professional full clinical trial services. Since inception in 2004, Tigermed has been committed to accelerating medical product development with costs efficiency and quality. Headquartered in Hangzhou, Tigermed operates 32 subsidiaries, 95 offices across China and 12 overseas offices in Hong Kong China, Taiwan China, USA, Switzerland, Korea, Australia, Japan, Malaysia, Singapore , India and Romania with over 4100 full time staffs. Tigermed has serviced more than 600 local and global clients in the conduct of over 1060 clinical trials. Tigermed is recognized as “The Innovative CRO” in China，owning to our involvement of over 150 innovative drugs.