Shares of chemical materials supplier Qingdao Gon Technology Co. Ltd. (2768.HK) opened 25% higher in their Hong Kong trading debut on Wednesday, but pared the gains to close up 16.06% at HK$41.78 by the midday break.
The company said it sold 30 million shares for HK$36 each, toward the lower end of the indicated range, raising net proceeds of HK$1 billion ($130 million). The Hong Kong public offering for local investors was 2,251.85 times oversubscribed, while the international tranche was 10.03 times covered.
Qingdao Gon Technology supplies new chemical materials, as well as upstream and downstream products related to gelatin and collagen. Its products serve both the chemical industry and the healthcare sector, with core activities spanning R&D, production and sales for industrial and commercial applications.
The company was China’s second-largest producer of modified polymer materials and polymer composite materials, with a market share of 2.5% in 2024, according to third-party research in its prospectus.
The company recorded revenue of 17.44 billion yuan in the first 10 months of last year, up 10% year-on-year. Its net profit for the period rose about 40% year-on-year to 712 million yuan.
By Lee Shih Ta
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