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Dow Jones Newswires: Shares of Chinese medicine firm Gushengtang jump in Hong Kong debut

Shares of Gushengtang Holdings Ltd. jumped in their trading debut in Hong Kong, after the Chinese traditional medicine healthcare provider raised 808.5 million Hong Kong dollars ($103.7 million).

The Guangzhou-based company’s shares gained as much as 18%, and were last up 3.6% at HK$30.05.

Gushengtang, which secured cornerstone investors including Boyu and Sage Partners for its share sale, plans to use the offering’s proceeds for business expansion.

The deal came as Beijing stepped up its push for greater use of Chinese traditional medicine.

In August, a new national-level policy called for more investment in public specialty hospitals. Authorities have also encouraged the use of traditional medicines during the pandemic.

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