Key Takeaways:
- Qiyunshan Food opened 22.5% higher at $9.8 on gray market.
- Shares last traded at $13, up 62.5% from the listing price.
- The stock will begin trading on the Hong Kong exchange July 9.
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Qiyunshan Food jumps 62.5% on gray market before HK debut
Qiyunshan Food (02797.HK) surged 62.5% to $13 on the gray market ahead of its Hong Kong Main Board listing on July 9.
The stock opened 22.5% higher at $9.8 on the gray market via Futu, with 2.06 million shares changing hands and turnover reaching $20.87 million. PhillipMart data showed the stock opened up 30.8% to $10.46, with a last print of $14.02, representing a 75.3% gain from the listing price on volume of 457,000 shares and turnover of $4.73 million.
The gray-market performance suggests strong pre-listing demand for the food company's shares. First-day trading on July 9 will test whether the momentum carries through to the public market, with the stock's valuation relative to sector peers becoming clearer after the opening print.
The company did not disclose its offer price, deal size, oversubscription ratio, or cornerstone investor details in pre-listing filings. In a separate development, Bank of America Securities lowered its price target on Hong Kong Exchanges and Clearing (00388.HK) to HKD500, 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.