Ant Group-backed Shanghai Sunmi Technology surges 241 percent in HK debut

Shanghai Sunmi Technology (6810), a business internet of things solutions provider backed by Ant Group, Xiaomi (1810), and Meituan (3690), surged 241 percent in its Hong Kong debut on Wednesday. 

Its shares closed at HK$84.8, compared to the offer price of HK$24.86. That results in a paper gain of nearly HK$6,000 per board lot of 100 shares. Its retail tranche was more than 2,000 times oversubscribed.

The company raised HK$1.06 billion by selling 42.6 million shares in the initial public offering. 

 

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