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Hong Kong Bourse Bangs Virtual Gong on IPO in Time of Virus

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Hong Kong’s stock exchange welcomed its newest stock with a virtual gong-banging ceremony as the Asian financial hub seeks to keep business going amid a partial lock-down that has now lasted for almost two months to contain the spread of the coronavirus.

InnoCare Pharma Ltd., a Chinese biotech firm on Monday, became the first initial public offering to debut via a virtual listing ceremony at Hong Kong Exchanges & Clearing Ltd., following similar events in both Shanghai and Shenzhen in mainland China. The shares rose 11.2% to HK$9.95 as of 11:30 a.m., even as the benchmark Hang Seng index slid almost 3.3%.