Staff reporter
Three new stocks posted mixed performances in the gray market last night ahead of today's listings, with Chinese artificial intelligence startup Beijing Fourth Paradigm Technology (6682) rising nearly 10 percent and mobile game operator ZX (9890) dipping 1 percent.
Fourth Paradigm saw its shares close 9.5 percent higher to HK$60.9 compared to its offering price on Futu Securities' platform. The company priced its shares at HK$55.6 each, the lower end of the indicative range, raising about HK$835.5 million in net proceeds from its Hong Kong initial public offering.
Fourth Paradigm was added to the US "Entity List" this year, which means US suppliers are barred from shipping technology to it unless they can procure a hard-to-obtain license from the Commerce Department.
This came as ZX fell to HK$13.86 in Futu's gray market, compared to its offering price of HK$14 apiece, which came in at the top end of the indicative range. It has raised HK$138.1 million in net proceeds from the IPO and its retail tranche was oversubscribed 103 times, making it the highest subscribed IPO this year.
Meanwhile, Neusoft Xikang (9686) dropped 20.8 percent to HK$3.77 in Futu's gray market. The cloud hospital platform raised HK$554.5 million in net proceeds after pricing its shares at HK$4.76 each, the bottom end of the marketed range.
Hong Kong Exchanges and Clearing (0388) said its new digitized IPO platform will be launched on November 22, reducing the number of days between IPO pricing and share trading from five business days to two.
Three firms make their trading debut today.
Bloomberg
