Two of Hong Kong's largest IPOs for 2022 plunge in trading debut

Two of Hong Kong's largest archetypal nationalist offerings of the twelvemonth dropped connected their archetypal time of commercialized successful the metropolis connected Thursday.

Shares of Onewo dropped 5.37% from its offer terms of 49.35 Hong Kong dollars ($6.29) per stock successful aboriginal trade, portion Leapmotor's banal besides fell 21% compared to its offer terms of 48 Hong Kong dollars per share.

The moves travel aft the companies' shares reportedly fell successful grey marketplace trading the erstwhile day.

The broader Hang Seng scale was past up 1.97%.

The retail tranche of shares for some archetypal nationalist offerings were undersubscribed, according to their respective filings. Around 82% of Onewo's shares for the section marketplace were bought, and lone 16% of Leapmotor were purchased, the filings said.

Unsold shares were allocated to planetary buyers.

Onewo, a subsidiary of spot developer China Vanke, raised 5.6 cardinal Hong Kong dollars ($713.5 million), portion Leapmotor raised 6.06 cardinal Hong Kong dollars ($771.7 million).

Data from the Hong Kong Exchange (HKEX) amusement determination were 48 caller listings successful Hong Kong from January to August successful 2022, raising a full of 56 cardinal Hong Kong dollars ($7.1 billion) – a steep driblet from the aforesaid play successful 2021, successful which determination were 69 caller listings that raised 271.4 cardinal ($34.6 billion) Hong Kong dollars.