Shares of Ascentage Pharma Group International (6855.HK), a biopharmaceutical company focused on developing anti-cancer therapies, surged 12.27% in Wednesday's intraday trading. The stock was on track for its biggest single-day gain in nearly five months, fueled by the company's plans to pursue a U.S. initial public offering (IPO) and list on a major U.S. stock exchange.

The Hong Kong-listed firm, backed by Japan's pharmaceutical giant Takeda Pharmaceutical (4502.T), announced on Tuesday that it is targeting a valuation of $1.75 billion through its upcoming IPO. According to the company's filings, Ascentage aims to raise $149 million by offering around 7.3 million American depositary shares (ADSs) at $20.34 each.

Ascentage's IPO plans have generated significant investor interest, as it would become the first sizable Chinese company to pursue a U.S. listing this year. The company's focus on developing innovative cancer therapies, coupled with its strategic partnership with Takeda Pharmaceutical, has likely contributed to the positive market sentiment surrounding the stock.