Huaqin Technology rose 21pc in the gray market on Wednesday's closing

Huaqin Technology rose 21 percent in the gray market at closing yesterday, ahead of its Thursday debut.

Its share price closed at HK$94, higher than its offer price of HK$77.7 on Phillip Securities' over-the-counter market. That translates to a paper gain of nearly HK$1,000 per board lot of 100 shares. 

The company reportedly oversubscribed 151 times, drawing HK$69.8 billion in margin loans. It plans to offer 58.55 million shares, raising HK$4.55 billion. The entry fee is HK$7,848.

Meanwhile, Hong Kong saw three companies oversubscribe in their initial public offerings yesterday, led by Shanghai Xizhi Technology, which oversubscribed 3,041 times.

The AI computing unicorn, specializing in photonic-electronic hybrid computing, has drawn HK$383 billion in margin loans. It plans to offer 13.8 million H shares, raising at most HK$2.53 billion.

Shanghai Sunmi Technology, a global leading Business Internet of Things solutions provider, oversubscribed 312 times and has drawn HK$33.2 billion in margin loans. The Alibaba (9988) and Meituan (3690) backed company plans to offer 42.63 million H shares, raising HK$1.06 billion.

Chinese biopharmaceutical company Mabwell (Shanghai) Bioscience oversubscribed by 148 times, drawing HK$21.6 billion in margin loans. The company plans to offer 47.13 H shares, raising at most HK$1.45 billion.