Key Takeaways:
- Lung Fung Group closed at HK$5.1 on PhillipMart, 1.5% below its HK$5.18 IPO price
- Gray market turnover reached HK$73 million on 13.8 million shares traded
- The construction contractor debuts on Hong Kong's Main Board on June 5
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Lung Fung Group slips 1.5% in gray market ahead of Hong Kong IPO debut
Lung Fung Group (02290.HK) closed at HK$5.1 on the gray market, 1.5% below its HK$5.18 IPO price, ahead of its June 5 debut on Hong Kong's Main Board.
The stock opened 6.2% higher at HK$5.5 on PhillipMart's platform before swinging between HK$6.3 and HK$4.15. Volume reached 13.8 million shares with turnover of HK$73 million. Excluding handling fees, each board lot of 500 shares recorded a paper loss of HK$40.
On Futu's platform, the stock opened 13.5% higher at HK$5.88, peaked at HK$9 and bottomed at HK$4.81, closing at HK$5.26 — up 1.5% from the IPO price. Volume on that platform totaled 10.53 million shares with HK$61.62 million in turnover, showing a paper gain of HK$40 per board lot.
The divergent gray market readings across platforms reflect varying demand dynamics ahead of the company's official debut. Deal size, oversubscription ratios, cornerstone investor commitments, and lead underwriter details have not yet been disclosed.
The gray market performance will set the tone for Lung Fung Group's first day of trading. Investors will watch the June 5 debut for signs of sustained demand and price stability relative to the HK$5.18 offer price.
This article is for informational purposes only and does not constitute investment advice.
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