Zhongji Innolight drops 2.04pc at market close after Hong Kong's largest share sale this year

Zhongji Innolight (3308) debuted on Thursday after its high-profile HK$53.41 billion share sale, which was Hong Kong's largest this year, but its shares fell 2.04 percent at market close. 

The Chinese optical parts maker's shares closed at HK$960 compared to its offer price of HK$980. That translates to a paper loss of HK$1,000 per 50 shares. Its shares once fell as much as 10 percent.

The company's shares also fell in the gray market by about 1 percent on Wednesday. Its retail tranche was oversubscribed by 15.84 times.

Michael Wong Wai-lun, Deputy Financial Secretary of Hong Kong, said at the listing ceremony that Zhongji Innolight’s listing in Hong Kong is the largest initial public offering in Hong Kong in nearly seven years.

He said the company has attracted global capital markets, including long-term funds from around the world and both domestic and international investment institutions, reflecting its strong capabilities and also demonstrating Hong Kong's capital market to global investors

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓