Felt paper firm fades on debut

Felt paper manufacturer Vanov (2260) ended 0.8 percent up HK$1.23 on its Hong Kong debut after retreating from a gain of as much as 20 percent in morning trading yesterday.

The firm, which made a full-year gross profit of HK$99.6 million, was the second textiles firm to go public in Hong Kong in the past year.

Meanwhile, Shenzhen-listedJL Mag Rare-Earthhas priced its Hong Kong offering at the bottom of a marketed range. The producer of magnetic rare-earth materials sold 125.5 million H-shares at HK$33.80 each to raise about HK$4.24 billion, Bloomberg said. The shares were offered in a range that had a top at HK$40.30 per share. Trading is set to begin January 14.