BRIEF: Numans sinks in Hong Kong trading debut
Shares of nutritional products distributor Numans Health Food Holdings Co. Ltd. (2530.HK) opened down 1.3% in their Hong Kong trading debut on Friday from their offer price of HK$0.80. The stock continued to slide during the morning trading session, closing at HK$0.65 by the midday break, down 18.75%.
Numans announced it sold 250 million shares to raise net proceeds of HK$121 million ($15.55 million). The Hong Kong portion of the offering was 65.17 times subscribed, while the international placement was slightly oversubscribed.
The majority of Numans’ revenue comes from its sales of algal oil DHA products, accounting for over 90% of its total revenue. Its target consumers include pregnant and postpartum women, as well as infants and children. In the first half of 2024, the company reported revenue of HK$146 million, down 23.9% year-on-year, with net profit down 42% to HK$45.28 million.
By Lee Shih Ta
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