(Yicai Global) Dec. 15 -- Shares in BeiGene plunged 16.4 percent on their first day of trading on the Shanghai Stock Exchange’s Nasdaq-style Star Market today but the Chinese biopharmaceutical company still managed to achieve the second most valuable public offering of shares on the bourse to date.

BeiGene’s stock price [SHA:688235] closed at CNY160.98 (USD25), well below the offer price of CNY192.60 apiece, giving it a market capitalization of CNY215 billion (USD33.8 billion).

The firm raised CNY22.2 billion (USD3.5 billion) through the share sale, second only to chipmaker Semiconductor Manufacturing International Corp. which bagged CNY53.2 billion last year.

The funds raised will be used to build a research and development center and a new production base as well as to promote clinical trials and marketing, according to its prospectus.

Beijing-based BeiGene is now the only company in the world to be listed in Shanghai, Hong Kong and the US. Its Hong Kong stock [HKG:6160] fell 7.64 percent to end the day at HKD162 (USD21) today, while its Nasdaq share price [NASDAQ:BGNE] dipped 1.6 percent to finish at USD278.43 yesterday.

The company, which is most well-known for its anti-cancer treatments, has yet to turn a profit as most of its products are still at the research stage. In the first half, BeiGene racked up losses of CNY2.5 billion (USD392.8 million) and its deficit over the past three years stands at CNY23 billion.

A number of biomedical firms have fallen below their issue price on the first day of trading recently. Dizal (Jiangsu) Pharmaceutical [SHA:688192] plummeted 21.8 percent when it went public on the Star Market on Dec. 10, while Canbridge Pharmaceuticals [HKG:1228], which listed in Hong Kong the same day, tanked by nearly 27 percent.

Editors: Dou Shicong, Kim Taylor