BRIEF: Aux shares slump in Hong Kong trading debut

2580.HK

Shares of Aux Electric Co. Ltd. (2580.HK) fell 5.4% on their first trading day in Hong Kong on Tuesday, as the air conditioner maker raised nearly HK$4 billion ($513 million). Aux said it sold 238 million shares for HK$17.42 each, with about 35% of the stock sold to local investors in Hong Kong. It closed down at HK$16.48 by the end of the day.

The local portion of the offering was 556 times oversubscribed, while the international portion was 7.3 times oversubscribed.

The company is one of China’s oldest air conditioner makers, founded more than three decades ago and known for its cheap models. Its revenue rose 27% year-on-year to 9.35 billion yuan ($1.3 billion) in this year’s first quarter, as its profits rose 23% to 925 million yuan during that period.

By Doug Young

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