Two debutants decline in gray market

Business | Avery Chen 21 Jan 2020

Three new companies began trading today but two of them fell in the gray market last night.

Zhongguancun Science-Tech Leasing (1601), a mainland finance lease firm targeting technology and new economy companies, last night slid 1.97 percent to HK$1.49 in the Phillips Securities gray market.

The Beijing-based company raised HK$452.6 million after pricing its initial public offering at the bottom of the indicative price range of HK$1.52 to HK$1.72. The retail portion of the deal was oversubscribed 4.8 times, while the institutional tranche was oversubscribed 1.5 times.

Also, shares of GHW International (9933) fell 14.71 percent to HK$0.435 in the gray market. The mainland applied chemical intermediates provider raised HK$74.6 million from the floatation after pricing its IPO at HK$0.51, the lower end of the marketed price range of HK$0.51 to HK$0.65.

However, Infinity Logistics and Transport Ventures (1442) surged 14.52 percent to HK$0.355 in the gray market. The Malaysia-based logistics service provider set its offer price at HK$0.31, the midpoint of the targeted price range between HK$0.28 to HK$0.34, which helped the firm raise HK$117.3 million through the public float.

In other news, mainland pharmaceutical firm Jacobson Pharma Corporation (2633) plans to spin off its branded healthcare business on the mainboard.

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