Shares of Deepexi Technology, which provides AI applications, doubled to HK$56.50 in their trading debut, from their offer price of HK$26.66, becoming the biggest gainer. Bama Tea’s stock rose 60 per cent from its HK$50 offer price to HK$80.10. Shares of CIG Shanghai, a provider of data transmission devices, rose 36.5 per cent to HK$94, from HK$68.88.
Shares of Sany Heavy Industry began trading at HK$21.30, unchanged from their offer price, in an IPO that helped China’s largest maker of construction machinery raise HK$13.45 billion (US$1.73 billion) in Hong Kong’s third-biggest IPO this year.
“We have long admired Hong Kong’s capital market, and this listing marks the realisation of a goal achieved through years of hard work”, Sany’s chairman Xiang Wenbo said, before striking the ceremonial gong to mark the trading debut of his company’s stock. “Listing [in] Hong Kong not only signifies the capital market’s recognition of our company’s high-quality growth, but also represents a historic opportunity for Sany to open broader international financing channels and embrace a much larger global market.”
Sany, already listed in Shanghai, priced its shares at the top of an offer range and partially exercised its over-allotment option, adding 51.17 million shares to the 580.42 million shares originally planned for sale.
Sany attracted 23 cornerstone investors, including Temasek Holdings, Hillhouse Investment and BlackRock, which together committed to buying about US$759 million worth of shares and holding them for six months.
