Star Sports Medicine, a Chinese clinical sports medicine solutions provider, skyrocketed more than five times at one point in the gray market ahead of its Hong Kong debut on Tuesday.
Its shares were once traded at HK$601 on Phillip Securities’ over-the-counter platform, up by 510 percent from the offer price of HK$98.5, meaning a paper gain of over HK$25,000 per board lot of 50 shares.
The stock later pared most gains, but was still at HK$301.8, more than 200 percent higher than the initial public offering price. Investors would have profited over HK$10,000 per lot should they sell the shares.
The company was the fourth largest sports medicine implants and instruments provider in China in 2024, according to its prospectus, which cited a report by consultancy CIC.
It plans to raise nearly HK$830 million by selling 8.4 million shares in the city.
𝗙𝗼𝗹𝗹𝗼𝘄 𝘁𝗵𝗲 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗼𝗳 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱↓
