CF Pharm Tech, a Chinese mainland pharmaceutical company specializing in the research, development, production, and commercialization of inhalation technologies and drugs for respiratory diseases, peaked at one stage at over 230 percent above its offering price on its Hong Kong trading debut on Wednesday.

The offering price was HK$14.75 ($1.90) per share and shares on the Hong Kong stock market peaked at HK$48.8 in morning trading, before closing at HK$38.50, up 161 percent. Its market capitalization topped $2 billion, surpassing industry peers China Shineway Pharmaceutical Group Ltd and Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd.

According to the company’s prospectus, its core product Budesonide Suspension (CF017) — a treatment for bronchial asthma and chronic obstructive pulmonary diseases — was included in China’s national drug centralized procurement program in 2021. The product was a key driver of its revenue growth from 2022-24.

In the first quarter of 2025, CF Pharm Tech reported revenues of 136 million yuan ($19.1 million) and net profit of 12.815 million yuan. The product CF017 has consistently contributed over 90 percent of the company’s annual sales revenue.

The company’s Hong Kong public offering attracted 264,000 applications, and was oversubscribed 6,697.8 times.