(Yicai) Sept. 20 -- Hybio Pharmaceutical soared by the exchange-imposed daily trading limit after the Chinese company signed a bulk pharmaceutical chemicals supply deal with an overseas client.

Hybio's shares [SHE: 300199] were trading up 20 percent at CNY13.22 (USD1.81) as of 11.05 a.m. in Shenzhen today.

Hybio and its unit is expected to provide USD30 million worth of bulk pharmaceutical chemicals of Glucagon-like peptide-1 polypeptide to an overseas client, the Shenzhen-based parent firm announced yesterday.

Signing the deal will help increase awareness of Hybio's products overseas, consolidate and enhance its market competitiveness, and advance its long-term development, Hybio noted.

The deal value equals 31 percent of Hybio's annual revenue and 244 percent of its audited revenue from the BPC business last year, the company added. Hybio did not mention the client's name, but said the transaction would take place in the US.

Hybio had a relatively close connection with the client in the past three years. In 2020, revenues from doing business with the client made up 10 percent of Hybio's total that year, with the ratio increasing to 23 percent in 2021 and 55 percent last year.

Founded in April 2003, Hybio is a national high and new technology firm specializing in developing, producing, and selling polypeptide drugs.

Editor: Futura Costaglione