Folding bike maker once soars 200pc in gray market ahead of debut

Chinese folding bicycle manufacturer Dahon Tech (Shenzhen) once skyrocketed 203 percent in the gray market ahead of its debut on Tuesday.

Dahon jumped 70 percent from its offer price of HK$49.50 to HK$84.15 on Futu Securities as of 5pm, giving a paper gain of about HK$3,465 per board lot of 100 shares. 

It once soared to HK$150 on the platform.

The bike maker marched 50 percent and 69 percent on Phillip Securities and Bright Smart Securities’ platforms. 

Dahon’s tranche was 6,688 times oversubscribed via margin loans worth HK$262.1 billion, the highest on record after Most Kwai Chung's (1716) 6,288 times in 2018 and Herbs Generation's (2593) 6,083 times in October last year.

Dahon earlier planned to raise about HK$390 million.

STAFF REPORTER