China AI firm Haizhi jumps over 270pc in grey market ahead of Hong Kong debut

Artificial intelligence firm Beijing Haizhi Technology surged as much as 273.2 percent above its offer price in grey-market trading, giving investors a paper gain of up to HK$14,788 per lot, ahead of its Hong Kong debut on Friday.

Haizhi plans to issue 28.03 million shares, with 10 percent allocated to the Hong Kong public offering. The shares are priced between HK$25.60 and HK$28.00, aiming to raise up to HK$780 million.

Meanwhile, heat-shrink materials and communications cable maker Shenzhen Woer Heat-Shrinkable Material, which is also set to list on Friday, climbed nearly 20 percent above its offer price in grey-market trading, translating into a paper gain of up to HK$782 per board lot.

Woer plans to issue 140 million shares, with an offer price capped at HK$20.09, seeking to raise up to HK$2.81 billion.