Three Chinese mainland companies made stellar trading debuts on the Hong Kong stock exchange on Tuesday, burnishing the city’s credentials as the world’s top fundraising market.
All three companies’ shares opened higher, with watch designer and manufacturer Shenzhen Hipine Precision leading the surge, opening with a 184 per cent gain from its offer price of HK$29.60. It closed up 258 per cent at HK$106.
Trading under the stock code 2259, gold miner Zijin Gold International’s shares opened at HK$111.50, up 56 per cent from the offer price of HK$71.59. It traded as high as HK$123 per share before closing at HK$120.60.
Pateo Connect Technology (Shanghai), which provides technology for electric-vehicle cockpits, first traded at HK$135, a premium of 32 per cent from its initial public offering (IPO) price. It closed at HK$157.
The Hang Seng Index rose 0.9 per cent.
Zijin Gold, a spin-off of the international unit of Hong Kong-listed Zijin Mining, raised HK$24.98 billion (US$3.21 billion) from its IPO, the city’s second-largest this year.
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