Ligent Technologies jumps in Hong Kong debut, outpacing key indices

Shares of Chinese fibre-optic communications equipment maker Ligent Technologies (9856) jumped as much as 19.2 percent to HK$39.3 a share in their Hong Kong debut on Tuesday, after the company raised HK$5.67 billion with its share sale.

The stock last traded at HK$36.20 a share, up 9.8 percent from its HK$32.96 offer price, after opening at HK$36.6. Hong Kong's Hang Seng Index was recently up 0.1 percent, while the Hang Seng Tech Index climbed 1 percent.

Ligent sold 172.01 million shares in its base offering, giving it a market value of about HK$32.4 billion at the offer price, according to its listing prospectus.

Cornerstone investors include Primavera Investment Fund, GigaDevice, Amlogic Hong Kong, Mirae Asset Securities HK, PAG, ORIX-backed Turquoise Hime, Barings, GF Fund and E Fund, the prospectus showed.

The public offering was subscribed 35.16 times, while the international offering was subscribed 4.67 times, according to a filing on Monday.

Reuters

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