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Bright Smart fails to see bright side

Business | Avery Chen Feb 12, 2019
Bright Smart Securities & Commodities (1428) is pessimistic about the equity market and property market this year. Chairman Yip Mow-lum said the Hang Seng Index would climb to 30,000 if trade negotiations between China and the United State have a good result. Otherwise it might fall to 20,000. If US President Donald Trump wins a second term in office, the benchmark will probably fall to 10,000, Yip said. Bright Smart will launch apps for securities and futures trading in Hong Kong and the mainland. With a lackluster market, Bright Smart does not expect a rosy IPO market but said related earnings account for only one to two percent of the company's profit. Meanwhile, CStone Pharmaceuticals is seeking to become the sixth biotech firm listed without revenue in Hong Kong, aiming to raise as much as HK$2.39 billion, less than the target of US$400 million (HK$3.14 billion) reported earlier. The firm began bookbuilding yesterday. It plans to offer 186.4 million shares at an indicative price range of HK$11.1 to HK$12.8, according to Reuters IFR. CStone Pharmaceuticals has no products approved for commercial sale and has not generated any revenue from product sales. Its pipeline has 14 drug candidates, including PD-L1, PD-1 and CTLA-4 antibodies, at the clinical stage.


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