The stock retreated 0.7% to 234.40 Hong Kong dollars by the midday break, missing the initial offer price of 236.00 Hong Kong dollars. The company had previously targeted a price as high as 240.60 Hong Kong dollars, ultimately securing gross proceeds of 7.08 billion Hong Kong dollars. Citic Securities and Citi served as the joint sponsors for the transaction.
In section Market Quotes
Shenzhen Longsys Electronics Slips in Hong Kong Market Debut
Investors cooled toward Shenzhen Longsys Electronics on Tuesday as the data storage manufacturer saw its stock price stumble during its Hong Kong debut. Despite raising $900 million in the offering, the company's shares traded lower by midday, contrasting with the performance of its existing listing on the Shenzhen exchange.
Management intends to funnel the capital into research and development efforts, specifically targeting advancements in chip design. While the Hong Kong debut faced early pressure, the company’s Shenzhen-listed shares moved in the opposite direction, posting a 1.6% gain. This listing contributes to a broader surge in Hong Kong activity, where funds raised through the first eight months of the year reached 342.4 billion Hong Kong dollars—more than double the volume recorded during the same period last year.
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