NASN Intelligent Tech makes 60pc leap in gray market

Intelligent driving motion control technologies developer NASN Intelligent Tech (Zhejiang) jumped nearly 60 percent in Hong Kong's gray market ahead of its trading debut on Friday.

The company once surged by as much as 68 percent to HK$17.5 from its offer price of HK$10.42 on the Phillip Securities' platform, giving a paper gain of up to HK$708 per board lot of 100 shares.

NASN closed 59.79 percent and 60.27 percent higher on Bright Smart Securities' and Futu Securities' platforms, respectively.

At closing, it delivered a paper gain ranging from HK$623 to HK$628 per board lot of 100 shares across the three platforms.

The company, which is backed by major investors including Contemporary Amperex Technology (3750) and Hillhouse Investment, plans to sell 57.59 million shares, seeking to raise HK$600 million. 

Founded in 2016 and based in Hangzhou, NASN specializes in brake-by-wire systems, chassis electronic controls, and steering components for intelligent driving to improve safety, comfort, and efficiency.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓