Medcaptain (02041.HK) is set to debut on September 7 after gray market trading showed shares closing as much as 22.8 percent below the HK$15.4 offer price. PhillipMart data put the close at HK$11.9, while Futu data showed HK$12.8, implying per-board-lot losses of up to HK$352.
Medcaptain (02041.HK) gray market shares closed at HK$11.9, down 22.8 percent from the HK$15.4 IPO price ahead of its September 7 listing.
According to PhillipMart data, the stock opened down 9.1 percent at HK$14.01 and traded between HK$14.01 and HK$11.53 before closing at HK$11.9, a decline of HK$3.52 from the offer price. Volume reached 1.77 million shares with turnover of HK$21.6 million. Excluding handling fees, the book loss was HK$352 per board lot of 100 shares.
Futu data showed a smaller decline, with shares closing at HK$12.8, down 17 percent or HK$2.62 from the listing price. The stock opened nearly flat at HK$15.4 and ranged between HK$15.42 and HK$12.46, on volume of 1.31 million shares and turnover of HK$17.12 million. The per-board-lot book loss was HK$262 excluding fees.
The gray market weakness comes as Morgan Stanley cut its Hang Seng Index target to 26,550, trimming mainland China and Hong Kong stock index targets across the board. The bank's revised outlook adds to a cautious tone around Hong Kong equities ahead of Medcaptain's debut.
The divergent readings from PhillipMart and Futu reflect thin pre-listing liquidity, with gray market trading volumes remaining modest ahead of the official listing. HK stock quotes are delayed by at least 15 minutes.
For investors who subscribed at the HK$15.4 offer price, the gray market decline implies an immediate paper loss of up to HK$352 per board lot before fees. The September 7 debut will determine whether gray market pricing was an overreaction or an accurate signal of demand for the company's shares.
This article is for informational purposes only and does not constitute investment advice.
