BRIEF: Herbs Generation surges in Hong Kong trading debut
Shares of health and beauty products manufacturer Herbs Generation Group Holdings Ltd. (2593.HK) surged in their Hong Kong trading debut on Thursday, opening 25% above their IPO price of HK$3.75. The stock later gave back some of those gains, but was still up 16% at HK$4.35 in afternoon trading.
Founded by well-known Hong Kong artist Kwok Chun On and his sister Kwok Chi Yan, Herbs sold approximately 33.33 million shares and raised HK$125 million ($16 million) from the listing. The listing was oversubscribed by 6,083 times, making it the most sought-after IPO this year in terms of subscribers.
The company said that 35.7% of the net proceeds will be used for strategic marketing and promotion, and approximately 38% will be used to expand, improve and optimize its sales network.
By Lau Chi Hang
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