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Lummy Pharmaceutical's shares up 66.36% at debut on ChiNext

Oct. 30, 2009 (China Knowledge) - Chongqing Lummy Pharmaceutical Co Ltd<300006>, a Chongqing-based bio-pharmaceutical firm, debuted on the ChiNext Board on the Shenzhen Stock Exchange today, becoming one of the first companies to trade on the Nasdaq-style board.

Shares of the company opened at RMB 27.45, a price 66.36% higher than the IPO price, while the Shenzhen Component Index opened 1.92% higher at 12427.10 points.

The company raised RMB 144 million by issuing up to 23 million shares, or 25% of its enlarged capital. The underwriter of the offering was Sinolink Securities Co Ltd<600109>.

Lummy Pharmaceutical is a technology-based pharmaceutical maker focusing on the research, development, manufacture and sales of new drugs. Its net profit was RMB 28.33 million in the third quarter of this year, with return on equity standing at 5.52%.

Shares of Lummy Pharmaceutical skyrocketed 99.64% to RMB 32.94 and were currently suspended from trading on the ChiNext.

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