Chinese distributed energy storage system provider doubles in gray market, delivering $33,000 paper gain

Chinese distributed energy storage system provider Sigenergy Technology more than doubled at one point in the gray market, ahead of its debut on Thursday. 

Its shares were traded at HK$657 apiece, up by 102.7 percent from the offer price of HK$324.2 on Phillip Securities’ over-the-counter market. That translates to a paper gain of HK$33,280 per board lot of 100 shares. 

The company reportedly recorded an oversubscription of over 1,100 times for its retail portion, involving nearly HK$491 billion.

It plans to offer 13.57 million H shares for sale, raising HK$4.4 billion.