BRIEF: Haizhi Tech’s shares triple in Hong Kong debut
Shares of atlas graph solutions provider Beijing Haizhi Technology Group Co. Ltd. (2706.HK) tripled in their Hong Kong trading debut on Friday, as the company raised HK$655 million ($84 million) by selling 28 million shares for HK$27.06 each.
The stock opened up more than 200% and rose from that level in Friday trading to end its first day at HK$96.60, up 242%. The Hong Kong portion of the offering for local investors was more than 5,000 times oversubscribed, while the international offering was more than seven times oversubscribed.
The company reported revenue of 249 million yuan ($36 million) in the first nine months of last year, up 17.4% from 212 million yuan in the year-ago period. Its loss widened to 211 million yuan from 158 million yuan a year earlier.
By Doug Young
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