By Bingyan Wang
Five companies began trading of their shares on the Hong Kong stock market on the final session this year to a mixed reception.
Super Hi International Holding, the third-largest Chinese brand restaurant in the international market by revenue and a overseas subsidiary of China’s largest hotpot restaurant, advanced as much as 95% and were last 90% higher at HK$13.36. The company was listed by way of introduction, so no capital was raised or new shares issued.
China-based independent cloud service provider Kingsoft Cloud Holdings saw its shares rise as much as 8.0% to HK$2.15 on the first day of its secondary listing in Hong Kong. The company’s stock rose 12% on the Nasdaq overnight.
Tencent-backed Futu Holdings Limited, a Chinese online broker which operates like Robinhood Markets Inc in the US, postponed its debut which was scheduled on Friday, as it is “clarifying certain matters concerning the Group with the Hong Kong Stock Exchange.”
AustAsia Group was the biggest loser among the newly listed stocks as it retreated as much as 15% in early trade. The company raised about 196.1 million Hong Kong dollars (US$25.1 million) in net proceeds from its initial public offering, which was 2.1 times oversubscribed. Shares were last down 12% at HK$5.66.
Cryofocus Medtech (Shanghai) Co., a Shanghai-based medical equipment manufacturer was down 3.8% at HK$18.18 and drug maker Shandong Boan Biotechnology was 1.7% lower at HK$19.46.
The benchmark Hang Seng Index was last up 0.8%.
Write to Bingyan Wang at email@example.com