Three new stocks went on a roller-coaster ride on their Hong Kong debuts yesterday, with two pulling back from large losses and one ending higher.
The three were among the first to use the new fast interface for new issuance or FINI digital platform, which allows investors to subscribe with lower margin financing costs,
Sino-Synergy Hydrogen Energy Technology (Jiaxing) (9663) inched up 0.7 percent to close at HK$19.8 after losing as much as 26.7 percent. The hydrogen fuel cell manufacturer raised about HK$1.56 billion for its initial public offering in the city.
Another debutant K Cash (2483) fell 0.6 percent after opening 10.6 percent lower.
The local money lender raised HK$225 million for its first-time share sale after seeing its retail tranche nearly 18 times oversubscribed.
Meanwhile, Shenghui Cleanness (2521), an environmental cleaning and maintenance services provider, rose 3.1 percent after declining as much as 10.9 percent yesterday.
The firm raised HK$133 million and posted a 32 times oversubscription for its retail portion.
Dekon Food and Agriculture (2419), a Chinese specialist in livestock and poultry breeding and farming, edged down 0.4 percent to HK$36.8 on Futu Securities' gray market ahead of its listing today.
The agricultural company raised HK$994 million for its Hong Kong IPO after pricing its shares at HK$36.95 apiece, the top end of its indicative range.
This came as Tencent (0700)-backed humanoid robot maker Ubtech Robotics has started a roadshow for its IPO in Hong Kong to raise US$200 million (HK$1.56 billion), International Financing Review reported.
Separately, IFR reported that iMotion Automotive Technology (Suzhou), a provider of autonomous driving systems, has started assessing investor demand for its listing in the city which could raise US$100 million.
iMotion counts Li Auto (2015) among the investors and has a valuation of 3.3 billion yuan (HK$3.5 billion) after nine rounds of funding in eight years.
Nicolas Aguzin, chief executive of the Hong Kong Exchanges and Clearing (0388), said yesterday that the newly launched FINI platform, which shortens the time gap between IPO pricing and trading to two days from five days, provides an efficient settlement process.
Nicolas Aguzin sang the virtues of the new FINI platform. SING TAO
