A gong contained in the Hong Kong Inventory Change. China Vanke’s subsidiary Onewo and EV maker Zhejiang Leapmotor Know-how started buying and selling on the Hong Kong market on Thursday.
Paul Yeung | Bloomberg | Getty Pictures
Leapmotor and Onewo, amongst Hong Kong’s largest accomplished preliminary public choices of the yr, dropped on their first day of commerce within the metropolis on Thursday.
Chinese language electrical automobile maker Leapmotor’s shares tumbled as a lot as 32% from its provide value of 48 Hong Kong {dollars} ($6.11) per share. It final traded 27.7% decrease.
Shares of Onewo fell 7.9% from its provide value of 49.35 Hong Kong {dollars} ($6.29) per share in early commerce, and was final 4.76% decrease.
The strikes come after the businesses’ shares reportedly fell in gray market buying and selling the day gone by.
The broader Cling Seng index was final up 1.49%.
The retail tranche of shares for each preliminary public choices had been undersubscribed, in response to their respective filings. Round 82% of Onewo’s shares for the native market had been purchased, and solely 16% of Leapmotor had been bought, the filings mentioned.
Unsold shares had been allotted to worldwide consumers.
Onewo, a subsidiary of property developer China Vanke, raised 5.6 billion Hong Kong {dollars} ($713.5 million), whereas Leapmotor raised 6.06 billion Hong Kong {dollars} ($771.7 million).
Information from the Hong Kong Change (HKEX) present there have been 48 new listings in Hong Kong from January to August in 2022, elevating a complete of 56 billion Hong Kong {dollars} ($7.1 billion) – a steep drop from the identical interval in 2021, during which there have been 69 new listings that raised 271.4 billion Hong Kong {dollars} ($34.6 billion).