Sinopharm Group Co, China's biggest drug distributor, jumped 16 percent on its first day of trading in Hong Kong.

The benchmark Hang Seng Index fell by 0.5 percent. The company raised the maximum HK$8.73 billion in an initial public offering after investors in the city applied for almost 600 times the stock available to them.

The shares outperformed the median 11.8 percent first-day advance of 22 other IPOs in Hong Kong this year, after selling stock at 25 times forecast earnings, according to data compiled by Bloomberg. Mainland companies listing in Hong Kong raised HK$55.2 billion in IPOs this year.