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Cafe de Coral goes public in Hong Kong, shares jump to $1.35

The food chain traded as much as 16.6 million shares, worth $22.08 million, while broader turnover softened to $287.56 million.

Reported · Written up by our desk · Hong Kong

Cafe de Coral became the first Hong Kong food chain to list, with shares trading up to $1.35 on its first day, according to SCMP Economy. The listing day also saw 16.6 million shares change hands, for a total value of $22.08 million, the largest volume of the day even as trading activity otherwise cooled.

SCMP Economy reported that Yeo Hiap Seng rose to $1.68 after strong overnight buying in London on takeover rumors, while other stocks moved in response to regional deal news. Hongkong Land’s decision to sell off Dairy Farm weighed on Land shares, which slid 10 cents to $5.95 in active trading.

The broader market closed mixed: the Hang Seng Index ended down 0.75 points at 1,763.38, and the Hongkong Index fell 1.44 points to 1,100.07. Turnover slipped to $287.56 million from $312.2 million on the prior session, as investors digested new listings and corporate developments.

Latest closeHang Seng 24,340.73 ▲0.5%

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