Biotech firm BeiGene slides in Shanghai debut after $3.5b STAR Market IPO

Stock information is displayed on an electronic board at a securities brokerage in Shanghai, Chin. Photographer: Qilai Shen/Bloomberg

Cancer treatment specialist BeiGene Ltd plunged 16.4% on its Shanghai debut on Wednesday after raising $3.5 billion, hit by concerns over its valuation amid potential US sanctions on Chinese biotech companies.

BeiGene, which is already listed in Hong Kong and the United States, launched the biggest STAR Market float this year, taking advantage of rules by the Nasdaq-style board which welcomes loss-making firms.

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