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Three Hong Kong IPO debuts open below offer prices
The four-company slate raised HK$14.4 billion, but Shenzhen Kinwong Electronic slid as much as 8.1% on its first day before later recovering and ending near 11% above its offer price.
Hong Kong welcomed four companies to start trading on Tuesday after they raised a combined HK$14.4 billion, but three of the new listings opened below their offer prices, underscoring pressure on a sluggish IPO market month, according to SCMP Economy.
The automated equipment maker RoboTechnik Intelligent Technology was among the biggest debuts, raising HK$5.18 billion, while Shenzhen Kinwong Electronic priced at HK$69.88 and initially fell as much as 8.1% on its debut before later recovering and rising nearly 11% above its offer price.
The report also pointed to a mixed picture for Hong Kong listings, noting that as of September 22, 26 companies had listed during the third quarter, including major IPOs from Zhongji Innolight, Shein and Luxshare, according to the city’s bourse operator.