January 17 -- Xizang Haisco Pharmaceutical Group (RCode:002653:), a company which mainly produces and sells drug formulations and active pharmaceutical ingredients, debuted on the Small and Medium-Sized Enterprises Board today, reports Shenzhen Business News.

The company has total equity of 400.10 million shares, and had issued 40.10 million shares at 20 yuan per share, raising 802 million yuan from its initial public offering. The corresponding price earnings ratio is 32.87 times earnings.

Haitong Securities (600837.SH) said a reasonable price range is 19-23.75 yuan per share.

Shares of the company fell 12.25 percent to trade at 17.55 yuan per share at 10:28 today.