Shanghai-based biotechnology company Genor Biopharma Co. Ltd., which listed on the Hong Kong Stock Exchange on Wednesday, said it would offer cheaper breast cancer treatments in China. The company said the first of its three cancer drugs had completed phase-three clinical trials.

On its trading debut in Hong Kong, its share price opened 21.7% higher at HK$29.20 per share compared with its offer price of HK$24 per share. The drugmaker raised HK$2.5 billion in its offering. Its institutional tranche was oversubscribed by more than 33 times.

The proceeds will be spent accelerating the release of its cancer drugs, chief executive officer Guo Geng said. The company hopes the first of three domestically developed antibody drugs, called coprelotamab, will receive approval for use in China. Genor Biopharma is expected to apply to regulators before the end of the year.

"We aim to be a leading breast cancer therapy provider among domestic firms in three to five years. We are building a sales team for multiple drug candidates in this category and our superior manufacturing capabilities mean we can make good profit even in a competitive market," Guo said.

Breast cancer is the most common among women in China. According to the World Health Organization, more than 367,900 new cases were recorded in 2018. This represented about a fifth of all female cancers.

Genor Biopharma's drug will compete with offerings from Swiss biotechnology company Roche and British company GSK. Roche's Herceptin is currently the "gold standard" for breast cancer in China. Genor Biopharma believes it can fill gaps not met by its competitors.