Investors lap up soy sauce maker Haitian's stock in Hong Kong trading debut with 3.3% gain
Advertisement
Trading under code 3288, Haitian's shares first changed hands on Thursday at HK$37.50, up 3.3 per cent from their offer price of HK$36.30 – the top of their marketed range – as the Hang Seng Index fell 0.4 per cent.
The company sold 279 million shares, including 15.8 million shares – or 6 per cent of the original offering – it exercised under an overallotment option to meet investors' demand.
The retail and international tranches were oversubscribed by around 917 and 22 times respectively, according to a stock exchange filing on Wednesday. The strong demand among retail investors led Haitian to increase its allocation to 19.8 per cent of the total offer shares, up from the initial 6 per cent. Global funds received the remaining 80.2 per cent, according to the filing.
Haday soy sauce by Foshan Haitian Flavouring and Food Company. Photo: handout.
Retail investors applied for more than HK$400 billion in margin loans from brokerages to vie for Haitian shares, or about 700 times the value of the stock originally allocated to them in the public tranche, according to the data compiled by Futu Securities.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Standard
3 hours ago
- The Standard
Hong Kong banks take Fed's lead, maintain prime rates
The HKMA said the Fed's decision to keep rates unchanged was in line with market expectations. SING TAO
South China Morning Post
5 hours ago
- South China Morning Post
How to answer Xia's call for Hong Kong? Tap global ties and lure talent, experts say
Hong Kong should maintain its international connectivity and attract talent to speed up its economic transformation, analysts and figures from the commerce sector have said, as they hailed the enactment of the national security law for improving the business environment. Some political analysts also called on government officials to take bolder steps and adopt new thinking, taking advantage of the social stability and order brought by the security law Beijing imposed on the city in 2020. Their suggestions came after the director of the State Council's Hong Kong and Macau Affairs Office, Xia Baolong, said the implementation of the law was a 'watershed' for the financial hub that brought order after chaos. But Xia, who made the remarks at a forum on Saturday marking the anniversary of the implementation of the national security law, also warned against complacency, calling for unity to support the government and urging the administration to come up with innovative governance concepts to enhance effectiveness. Political scientist Hung Wing-lok of the School of Governance and Policy Science at the Chinese University of Hong Kong, said: 'Hong Kong should seize the opportunity to attract more foreign talent to speed up its economic transformation. 'As tensions between China and the United States remain high, Hong Kong should continue to keep its international connectivity to maintain its status as a global financial hub.
South China Morning Post
7 hours ago
- South China Morning Post
Hong Kong unions call for labour import scheme review amid rising job losses
Hong Kong catering and construction unions have called for a review of the labour import scheme amid high jobless rates in these sectors, with some local workers complaining about being replaced or forced to work fewer days after cheaper staff from outside the city were recruited. Chau Sze-kit, chairman of the Hong Kong Construction Industry Employees General Union, said on Saturday that the unemployment rate of the construction sector reached a high level of 6.7 per cent, attributing this to the reduced number of local private projects. He said although the policy of importing workers might not directly affect the unemployment rate, the scheme still led to fewer job opportunities for local staff. Chau added he received complaints from some workers about being sacked by their employers or having their working days slashed because of the recruitment of imported staff. He called on the government to be more targeted in importing labour for specific occupations in short supply. '[Jobless rates] have kept rising. Do we still need to import workers? I think it should be more targeted. The workers should only be imported where there is such a need,' he told a radio programme.
