(Yicai Global) Feb. 18 -- New Horizon Health tripled in value on its first day of trading in Hong Kong after the Chinese cancer diagnostics maker became the second-most oversubscribed offering in the history of the city’s stock exchange.

New Horizon [HKG: 6606] ended the day at HKD84 (USD10.84), 215 percent higher than its initial price of HKD26.66, giving the Hangzhou-based company a market value of HKD2.04 billion (USD263 million).

New Horizon aimed to raise about HKD2 billion, according to the prospectus for its initial public offering, which was oversubscribed 4,133 times. The proceeds will go toward commercializing and further developing a rectal cancer screening product, as well as the continued sales and marketing of another such product.

New Horizon had 16 cornerstone investors, including Invesco, Lake Bleu Capital, Boyu Capital and Government of Singapore Investment. Goldman Sachs Asia and UBS Securities were joint sponsors.

Founded in 2015, New Horizon Health has two colorectal cancer screening products which have been approved by the National Medical Products Administration. The company is not yet profitable.

Editor: Peter Thomas