Key Takeaways:
Cofoe Medical (01187.HK), set for a May 6 trading debut, saw its shares gain as much as 2.7% in pre-listing gray market trading.
According to data from Futu, the stock opened at $40.02 and last traded at $40.1, up 2% from its initial public offering price.
Trading was active, with a volume of 1.02 million shares changing hands for a total turnover of $41.63 million on the Futu platform. Separately, PhillipMart data showed the stock opening sharply higher at $45.2 before closing at $40.38, a 2.7% premium, on a turnover of $18.8 million.
The gray market performance suggests positive initial investor sentiment for the medical device maker ahead of its official listing on the Hong Kong Stock Exchange's Main Board.
The company recently reported strong financial results, with its first-quarter net profit rising 17.1% year-over-year to RMB107 million.
The pricing gives the company an initial valuation to be tested by broader market demand on its first day of trading. Investors will be watching the opening auction on May 6 to see if the gray market gains hold.
This article is for informational purposes only and does not constitute investment advice.
