Befar Group (06745.HK) opened down as much as 13.8% on the gray market ahead of its July 10 Hong Kong listing, with the stock last trading at HK$2.75, a 21% discount to the listing price. Trading volume reached 3.86 million shares with turnover of HK$11.19 million, according to Futu data.
Befar Group (06745.HK) fell as much as 21% to HK$2.75 on the gray market ahead of its July 10 Hong Kong Main Board listing.
The stock opened down 13.8% at HK$3 before extending losses, with 3.86 million shares changing hands for HK$11.19 million, according to Futu brokerage data. PhillipMart data showed a similar trajectory, with the stock opening 10.9% lower at HK$3.1 and last trading at HK$2.73, down 21.6% from the listing price.
The gray market, where shares trade before official listing, serves as an early indicator of investor demand. The decline suggests cautious sentiment toward the company's valuation ahead of its public market debut.
The weak gray market performance raises questions about first-day demand for Befar Group's shares. Investors will watch the July 10 opening for signs of institutional support or further selling pressure. The broader Hong Kong IPO market has seen mixed momentum, with Bank of America Securities recently cutting its price target on Hong Kong Exchanges and Clearing Ltd. (00388.HK) to HK$500, citing strong first-half IPO activity but a lack of mega listings.
This article is for informational purposes only and does not constitute investment advice.
