Shares mixed ahead of trading debuts

Business | Avery Chen 16 May 2019

A tourism firm and a magnet manufacturer start trading on the main board today.

Shares of leisure tourism firm S A I Leisure (1832) closed 4.52 percent lower than its offer price at HK$3.38 in the Bright Smart gray market. S A I Leisure raised HK$269 million after pricing its initial public offering at HK$3.54, the bottom of the indicative price range of HK$3.54 to HK$4.48.

The retail investor tranche of its IPO was slightly oversubscribed, while the international portion was moderately oversubscribed.

Meanwhile, shares of Universal Star (2346), a mainland sintered NdFeB magnet manufacturer, rose 9 percent to HK$1.09 in the gray market. It raised HK$80.9 million and was 10.38 times oversubscribed in the retail tranche. Its offer price was at the lower end of the targeted range of HK$1 to HK$1.22.

In other news, shares of KNT Holdings (1025), a manufacturer of event gowns, slumped 75.29 percent to HK$1.26, once trading below its IPO price of HK$0.98. The company made a market debut in February.

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