Multiple Listings in Hong Kong Mark Mixed Debuts for Hydrogen Fuel Cell Specialist, Fintech, and Cleaning-Service Provider
- Wednesday, October 16, 2024
Multiple listings took place in Hong Kong recently, marking a rare occurrence in what has been a slow year for initial public offerings (IPOs) in the Asian financial hub.
The biggest of these listings was Sino-Synergy Hydrogen Energy Technology (Jiaxing), which saw a 19% decline from its IPO price during morning trade on Tuesday. K Cash experienced no change, while Shenghui Cleanness gained 9.4%.
Collectively, these listings raised approximately US$221 million. However, new listings in Hong Kong have been on the decline this year, with a 16% decrease in the first three quarters compared to the previous year. The total funding raised also dropped by 67% to US$24.6 billion, according to data from the local bourse.
Sino-Synergy priced its shares near the lower end of the indicative range, resulting in net proceeds of HK$1.46 billion (US$186.8 million). K Cash priced its shares at the midpoint of the indicative range and raised HK$193.7 million, while Shenghui Cleanness priced at the lower end and raised HK$73.5 million.
Sino-Synergy, based in Jiaxing, China, announced its intention to use the proceeds to enhance production capabilities and fund research and development, among other initiatives. The company achieved revenues of 748.5 million yuan (US$104.9 million) in 2022, reflecting a 64% increase from the previous year.
In addition, two more debuts are expected later this week, with Dekon Food and Agriculture Group commencing trade on Wednesday and Fujing Holdings on Friday.
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