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TenNor Therapeutics surges 179% in Hong Kong IPO on hopes for novel gastric drug.

Market News
28 May 2026
Bamboo Works
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Bullish
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TenNor Therapeutics, a Chinese biotech focused on anti-bacterial drugs, saw its shares jump 179% on debut in Hong Kong after an IPO oversubscribed 9,000 times. The company is developing rifasutenizol, a novel drug targeting Helicobacter pylori infections linked to stomach ulcers and gastric cancer, with approval expected by end of 2026. Despite cumulative losses over 490 million yuan, investors are betting on the drug's potential to address antibiotic resistance and capture a large market. The IPO raised about HK$598 million, supporting TenNor's late-stage clinical trials and future commercialization efforts.

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