Jiaxin International Resources surges 100pc in gray market ahead of HK IPO

Chinese tungsten miner Jiaxin International Resources Investment, making its Hong Kong debut on Thursday, surged over 100 percent across three gray market platforms compared with its offer price, giving successful investors potential paper gains of up to HK$5,032 per board lot.

The company is trading highest on the Phillip Securities platform at HK$22.50, up 106 percent from its HK$10.92 offer price, translating to potential paper gains of HK$4,632 per board lot.

According to preliminary broker statistics on Tuesday, investors who applied for 1.5 million Jiaxin shares, or 3,750 board lots, were guaranteed to receive at least one board lot of 400 shares.

STAFF REPORTER