BUZZ-HK-listed Ascentage set for best day in near 5 months on US listing plan

Shares of Ascentage Pharma Group International 6855.HK jump 12.3% to HK$43.45, a peak since Jan. 6

Stock on track for biggest one-day pct rise since Aug. 26, 2024

Ascentage, backed by Japan's biggest drugmaker Takeda Pharmaceutical 4502.T, said on Tuesday it was targeting a valuation of $1.75 bln in its initial public offering, becoming the first sizeable Chinese firm to pursue a listing in the U.S. this year

Ascentage, which is focused on developing and commercializing therapies that target malignancies, is looking to raise $149 mln by offering about 7.3 mln American depositary shares at $20.34 each

Shares of Takeda Pharmaceutical 4502.T up 0.2%

Hong Kong's healthcare index .HSCIH slips 0.5% and Hang Seng Index .HSI falls 1.4%

Ascentage stock soared 66.5% last year

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))