Beijing Shougang Lanzatech Technology rose nearly 2 times in the gray market

Beijing Shougang Lanzatech Technology surged nearly 2 times in the gray market on Tuesday, ahead of its Wednesday debut.

The Chinese green-tech company once rose by 194.5 percent to HK$43 on Futu Securities' over-the-counter market, compared to its offer price of HK$14.6. That translates to a paper gain of HK$5,680 per board lot of 200 shares.

The company’s retail tranche was oversubscribed by 1,426 times, involving HK$98.5 billion.

It plans to offer 40 million H shares, raising at most HK$680 million.
 

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