Frontage Holdings Corp., a pharmaceutical contract research organization with offices in Exton, Chester County, Pa. and in Hangzhou, China and hundreds of employees in both locations, says its shares began trading on the Hong Kong Stock Exchange’s main board on May 30, rising 4.7 percent on the first day of trading to close at HK $3.35.

The sale raised HK $1.51 billion, or nearly $200 million in U.S. dollars. Song Li, the company’s founder, said in a statement that the offering marked “another important milestone in our development history.” Frontage said it will use the money for product development “to capitalize on growth opportunities arising in the two largest pharmaceutical markets in the world, the United States and China.”