Jiangsu Hengrui Pharmaceuticals Co priced its Hong Kong stock offering at the top of the marketed range to raise HK$9.9 billion ($1.3 billion).

The Chinese mainland drugmaker, which focuses its research on cancer and cardiovascular diseases, sold 224.5 million shares at HK$44.05 a share, according to terms of the deal seen by Bloomberg.

The company won’t exercise the option to increase the deal size, according to the terms. The price reflects a discount of about 25 percent relative to Hengrui’s Shanghai-listed closing share price on Tuesday.

READ MORE: Hengrui Pharma seeks up to $1.3b in Hong Kong listing

The deal follows Contemporary Amperex Technology Co Ltd’s $5 billion-plus share sale, the world’s largest listing this year, helping fuel the Hong Kong Special Administrative Region's flourishing listings market.

Hengrui plans to use proceeds from the offering for purposes including drug development, potential acquisitions and collaborations, and the construction of production facilities in the mainland and overseas, according to its prospectus.

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Morgan Stanley, Citigroup Inc and Huatai Securities Co are joint sponsors of the offering.