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 The loss-making firm has no product on sale yet, but has several
drugs and vaccines in the pipeline including a COVID-19 vaccine
candidate which showed a 67% efficacy against the disease and 79%
efficacy against the Delta variant in a large, late-stage global
trial.
It plans to apply for regulatory approval of the vaccine in China,
Europe and with the World Health Organization in the fourth quarter,
the company said in September.
Shares in Clover fell as low as HK$12.22 on Friday, down 8.7% from
its HK$13.38 IPO offer price, and traded down 4.8% at 0700 GMT. That
compared to 1.4% slide in the benchmark Hang Seng Index.
Although Clover has obtained a deal to supply up to 414 million
doses of the vaccine through the global vaccine sharing scheme COVAX,
Zhongtai International Securities analyst Albert Yu said it remains
unclear when it would return a profit.
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Clover, which reported a total
loss of 912.9 million yuan ($142.63 million) in
2020, said the majority of the IPO proceeds
would be used in the research, production and
commercialisation of its core products.
($1 = 6.4006 Chinese yuan renminbi)
(Reporting by Donny Kwok in Hong Kong and
Roxanne Liu in Beijing; Editing by Christopher
Cushing and Lincoln Feast.)
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