By Scott Murdoch and Donny Kwok

SYDNEY (Reuters) -Shares of China’s Ab&B Bio-Tech gained nearly 170% on Monday, as the vaccine development firm debuted on the Hong Kong Stock Exchange after it raised $55 million in an initial public offering.

The retail tranche of the IPO was nearly 4,000 times oversubscribed by investors, the company’s filings showed.

The share hit a high of HK$34.80 in early trade, with about 7.68 million Ab&B Bio-Tech shares worth HK$253.8 million ($32.33 million) changing hands on the Hong Kong Stock Exchange. The Hang Seng Index was up 0.2% on Monday.

Ab&B Bio-Tech, which is developing influenza and rabies vaccines, sold 33.44 million shares at HK$12.90 each, according to the filings.

The price set was at the bottom of the range flagged to investors when the deal

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