Mainland dental firm doubles in gray

Finance | Avery Chen and Eurus Yiu 16 Jun 2021

Mainland invisible dental braces maker Angelalign Technology (6699) more than doubled its listing price in the gray market yesterday, signaling a strong market debut.

With a minimum investment of HK$34,948.66 per board lot of 200 shares, the Shanghai-based firm has become the most expensive new listing in Hong Kong.

Shares of Angelalign Technology closed more than 110 percent higher as compared with its initial offering price of HK$173 apiece, which is the top end of the indicative price range.

Angelalign Technology raised HK$2.72 billion from the public sale.

The deal attracted 792,388 retail investors, meaning the retail portion was oversubscribed 2,078 times. More than 490,000 investors bid for a board lot of new shares, but only 1.5 percent of them were successful.

The international tranche for institutional investors was 113 times oversubscribed.

If Angelalign Technology continues a similar growth rate on its first day of trading, it will surpass short-video giant Kuaishou Technology (1024) as the second-best performing new listing on record, whose shares jumped 161 percent on debut in February, equivalent to a more than HK$22,000 gain per board lot of new shares.

Meanwhile, Yuexiu Services, the property management arm of Yuexiu Property (0123), opened the retail book for a Hong Kong IPO that could raise up to HK$2.41 billion.

It is issuing 369.7 million shares at HK$4.88 to HK$ 6.52 apiece. It is expected to price the deal on June 21 and start trading on the main board on June 28.

Yuexiu Services introduced 10 cornerstone investors who agreed to subscribe HK$777.2 million worth of shares, about a third of total fundraising. The investors include New China Asset Management, Kaiser Private Equity Fund, Crotona Assets and SensePower Management.

Chairman Lin Feng said the group has its unique advantages in its transit-oriented development comprehensive property management capabilities under the support of its three state-owned shareholders, namely Yuexiu Property, Guangzhou Metro, and Guangzhou Yuexiu.

Besides just focusing on the Guangzhou area, Lin emphasized that they will also actively expand their development into other cities.

And Chinese pressure equipment manufacturer Morimatsu International relaunched its IPO today, lowering the fundraising size from HK$980 million to HK$620 million.

The company postponed the flotation in March, saying it needs more time to obtain clearance from the regulators.

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