A gong inside the Hong Kong Stock Exchange. China Vanke subsidiary Onewo and electric vehicle maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday.
Paul Yeung | Bloomberg | beautiful pictures
Two of Hong Kong’s biggest initial public offerings of the year fell on their first day of trading in the city on Thursday.
The moves take place after the shares of the companies was said to have fallen in gray market trading the previous day.
The broader Hang Seng Index was up 1.97%.
The retail sales of shares for both IPOs were unregistered, according to their respective filings. The filing states that about 82% of Onewon’s shares are for the local market and only 16% of Leapmotor is purchased.
Unsold shares have been allocated to international buyers.
Onewo, a subsidiary of property developer China Vanke, raised HK$5.6 billion ($713.5 million), while Leapmotor raised HK$6.06 billion. Kong ($771.7 million).
Data from the Hong Kong Exchange (HKEX) shows there were 48 new listings in Hong Kong between January and August 2022, bringing a total of HK$56 billion ($7.1 billion) – a sharp drop compared to the same period in 2021, of which 69 new listings have raised HK$271.4 billion (US$34.6 billion).