Chinese spirit maker ZJLD Group's shares were down 17% on their first day of trading on Thursday, dampening hopes that a positive debut for the largest new share sale in Hong Kong in 2023 could spark a rush of listings in the second half.
A barman stirs a cocktail based on the Chinese spirit baijiu at the Capital Spirits Baijiu Bar in Beijing, China June 22, 2017. REUTERS/Thomas Peter/File Photoshares were down 17% on their first day of trading on Thursday, dampening hopes that a positive debut for the largest new share sale in Hong Kong in 2023 could spark a rush of listings in the second half.
ZJLD shares opened at HK$9 compared to the issue price of HK$10.82 each. In afternoon trade, the stock was still down by nearly 17%, compared to a 0.1% gain in Hong Kong's Hang Seng IndexThe IPO price was at the lower end of the HK$10.78 to HK$12.98 per share range indicated to investors when the deal was launched.
"The tepid listing would probably fail to lift the ECM sentiment in Hong Kong and deals in the second half would probably need to come in at a more digestible valuation to garner a successful listing," said Clarence Chu, an Aequitas Research analyst who publishes on Smartkarma., have seen shares fall by between 7.6% and 22% since late January.
There was just $508.3 million worth of new share sales in Hong Kong in the first quarter, according to Refinitiv data, down from $1.2 billion in the same period last year.
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