BRIEF: Conch Materials slumps, ContiOcean rises in two Hong Kong trading debuts
Fine chemical materials supplier Anhui Conch Material Technology Co. Ltd. (2560.HK) slumped, while maritime environmental protection equipment provider ContiOcean Environmental Tech Group Co. Ltd. (2613.HK) rose, in two separate Hong Kong trading debuts on Thursday.
Conch opened down 40% at HK$1.80 and continued to fall through the day, down 45% early in the afternoon trading session. The company issued 145 million shares priced at HK$3, representing the bottom of their range. The Hong Kong portion of thepublic offering was oversubscribed 25 times, while the international placement was only fully subscribed.
Meantime, ContiOcean opened at HK$33.95, up 6.5% from its offer price of HK$31.80, representing the bottom of its range. ContiOcean sold 100 million shares in a public offering whose Hong Kong portion was oversubscribed 54 times, while the international placement was only nearly fully subscribed.
By Lau Chi Hang
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