- Dtech Technology closed at $340 on gray market, down 10.5% from the IPO price.
- The stock traded 266,500 shares with $93.98 million turnover on Futu's platform.
- Each board lot of 100 shares incurred a book loss of $4,000 before fees.
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Dtech Technology drops 10.5% in gray market ahead of HK listing
Dtech Technology (01377.HK) closed at $340 on the gray market, down 10.5 percent from its IPO price ahead of its July 9 listing on the Hong Kong Stock Exchange's Main Board.
The stock opened at $370, down 2.6 percent from the listing price, before trading between a session high of $379.80 and a low of $326.80, according to Futu data. Volume reached 266,500 shares with turnover of $93.98 million. Excluding handling fees, each board lot of 100 shares resulted in a book loss of $4,000.
On PhillipMart's platform, Dtech Technology opened at $381.20, up 0.3 percent, before closing at $345, down 9.2 percent or $35 from the listing price. The stock traded 221,000 shares with turnover of $79.2 million, with a book loss of $3,500 per board lot, per PhillipMart data.
Gray market trading, conducted through broker platforms before official listing, serves as an early indicator of investor demand. A decline of more than 10 percent from the IPO price suggests cautious sentiment ahead of the company's market debut.
The gray market weakness comes as Bank of America Securities lowered its price target on Hong Kong Exchanges and Clearing (00388.HK) to HKD500, citing strong first-half IPO activity but a lack of mega listings. Dtech Technology's first trading day on July 9 will test whether institutional demand matches the gray market's implied valuation.
This article is for informational purposes only and does not constitute investment advice.
