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Shares of the Hangzhou-based restaurant chain fell to end their first trading day at HK$6.29, a decline of 12.5 per cent from the HK$7.19 offer price. The company raised HK$1.21 billion (US$154.7 million) by selling 168 million shares.
Traders are looking forward to the trading debut on Tuesday of Contemporary Amperex Technology (CATL), the world’s largest maker of battery packs for electric vehicles. CATL’s US$5.3 billion stock offer, priced at HK$263 per share at the high end of its price range, is the world’s largest this year, and the biggest sale in Hong Kong in four years.
Fifteen companies raised HK$17.7 billion in Hong Kong in the first quarter of this year, helping the city claw its way to the third spot in the global ranking of IPO destinations, according to KPMG’s data.
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Investors have been showing strong interest in many of the recent IPO bids. Green Tea was oversubscribed by 317 times with its Hong Kong offering, according to the allotment results published by the company on Thursday night. But it is overshadowed by Auntea Jenny and Mixue, which were oversubscribed by 3,616 and 5,258 times, respectively.
