SF fails to excite gray market

Shares of SF Holdings, which raised as much as HK$5.83 billion in the second-largest listing in the city so far this year, failed to stir the gray market ahead of its trading debut today.

The Chinese courier giant at one point traded more than 5 percent higher than its offer price at HK$34.3 but closed 0.8 percent lower at HK$34 on Phillip Securities's platform, giving a paper loss of HK$60 on a board lot of 200 shares.

On Futu Securities, the shares closed unchanged from the offer price of HK$34.3.

Meanwhile, Sihuan Pharmaceutical (0460) plans to spin off Xuanzhu Biopharm and separately list its H shares on the main board of the stock exchange. The company indirectly owns a 56.4 percent stake in the biopharma player.

In other stock market news, Hong Kong Exchanges and Clearing (0388) chief executive Bonnie Chan Yi-ting said the hourse operator it is working closely with Shanghai and Shenzhen stock exchanges to promote the inclusion of real estate investment trusts in the Stock Connect and introduce a block trading mechanism.

Chan's comments came at the HKEX's China Conference in Shanghai.