Hong Kong’s largest IPOs for 2022 Onewo and Leapmotor buying and selling debut

A gong contained in the Hong Kong Inventory Alternate. China Vanke’s subsidiary Onewo and EV maker Zhejiang Leapmotor Expertise started buying and selling on the Hong Kong market on Thursday.

Paul Yeung | Bloomberg | Getty Photographs

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 worth of 48 Hong Kong {dollars} ($6.11) per share. It final traded 27.7% decrease.

Shares of Onewo fell 7.9% from its provide worth 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 before today.

The broader Hold Seng index was final up 1.49%.

The retail tranche of shares for each preliminary public choices have been undersubscribed, in response to their respective filings. Round 82% of Onewo’s shares for the native market have been purchased, and solely 16% of Leapmotor have been bought, the filings mentioned.

Unsold shares have been allotted to worldwide patrons.

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 Alternate (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, by which there have been 69 new listings that raised 271.4 billion Hong Kong {dollars} ($34.6 billion).

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Previous Story

Europe vows response to suspected sabotage

Next Story

Spain says Russia doubtless answerable for Nord Stream gasoline leaks