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

A gong contained in the Hong Kong Stock Exchange. China Vanke’s subsidiary Onewo and EV maker Zhejiang Leapmotor Technology started trading on the Hong Kong market on Thursday.

Paul Yeung | Bloomberg | Getty Images

Two of Hong Kong’s largest preliminary public choices of the 12 months dropped on their first day of commerce within the metropolis on Thursday.

Shares of Onewo dropped 5.37% from its provide worth of 49.35 Hong Kong {dollars} ($6.29) per share in early commerce, whereas Leapmotor’s inventory additionally fell 21% in comparison with its provide worth of 48 Hong Kong {dollars} per share.

The strikes come after the businesses’ shares reportedly fell in gray market trading the day gone by.

The broader Hang Seng index was final up 1.97%.

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

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).

Data from the Hong Kong Exchange (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 ($34.6 billion) Hong Kong {dollars}.

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