Key Takeaways:
- TH Medical-B opened at HK$280 on the gray market, up 121.9%
- The stock last traded at HK$335, a 165.5% premium to the listing price
- Trading volume reached 119,780 shares with HK$37.36 million turnover
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TH Medical-B surges 165% in gray market ahead of HKEX debut
TH Medical-B (02697.HK) opened at HK$280 on the gray market, up 121.9% from its listing price, and last traded at HK$335, extending gains to 165.5%, according to Futu data. The stock is set to begin trading on the Hong Kong Stock Exchange on June 30.
The gray market surge reflects strong demand for the healthcare stock ahead of its official debut. PhillipMart data showed a similar trend, with the stock opening at HK$249, up 97.3%, and last printing at HK$327, a 159.1% gain, on volume of 84,600 shares and turnover of HK$25.7 million.
Gray market or "casino" trading allows investors to trade shares before the official listing, with prices set by supply and demand among institutional and retail participants. The wide spread between the two data providers' opening prints — HK$280 versus HK$249 — suggests fragmented liquidity in the pre-listing market.
The company's listing details, including the final offer price, deal size, and cornerstone investor commitments, have not yet been disclosed. TH Medical-B will list on the Main Board of HKEX under the "B" ticker designation, which denotes biotech companies that have not yet generated revenue under Hong Kong's Chapter 18A listing rules.
The strong gray market performance signals robust retail and institutional interest in the healthcare sector. Investors will watch the stock's first-day trading on June 30 for signs of sustained demand and price discovery.
This article is for informational purposes only and does not constitute investment advice.
