Metis TechBio Shares Jump 185% as Hot HK Debuts Extend Run

Shares of Metis TechBio Co, a biotechnology company using artificial intelligence to deliver and formulate drugs, surged as much as 185% in their Hong Kong debut on Wednesday, adding to a string of first-day pops in the city.

The stock jumped as high as HK$29.98 in early trading, compared with a price of HK$10.50 apiece in the initial public offering that raised HK$2.1 billion ($270 million), giving it a market value of roughly $3.8 billion. Impact Therapeutics Inc, a cancer drug developer that also began trading on Wednesday, rose as much as 124% after raising $108 million in an IPO.