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 with a 184 per cent gain from its offer price of HK$29.60.
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 sold 349 million shares in its primary listing, with about 90 per cent allocated to international investors and the remainder offered to retail investors in the city. The public tranche was 241 times oversubscribed, while the international tranche drew demand of about 20 times the available shares.
An overallocation option allowed for the issuance of an additional 52.35 million shares.
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