Key Takeaways:
- HQVT Technology opened 177.8% higher at $20 on the gray market.
- Shares last traded at $25.02, up 247.5% from the listing price.
- Combined turnover reached $173 million across two trading platforms.
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HQVT Technology surges 247% in gray market ahead of HK listing
HQVT Technology (01392.HK) opened 177.8% higher at $20 on the gray market ahead of its June 22 listing on the Main Board.
"Recent market concerns over the Hong Kong financial sector are clearly overdone," Morgan Stanley said in a note.
According to Futu data, the stock last printed at $25.02, up 247.5% from the listing price, on volume of 4.54 million shares and turnover of $109.36 million. PhillipMart data showed a similar trajectory, with shares opening 150% higher at $18 and last trading at $24.5, up 240.3%, on volume of 2.79 million shares and turnover of $63.7 million. Combined turnover across the two platforms reached approximately $173 million on 7.33 million shares traded.
The strong gray market performance points to robust pre-listing demand for the stock, which will begin trading on the Hong Kong Stock Exchange on June 22. The company did not disclose its offer price, deal size, or cornerstone investor details ahead of the debut. The gray market surge comes as Morgan Stanley said recent concerns over Hong Kong's financial sector are overdone, suggesting a favorable backdrop for new listings. Investors will watch first-day trading volume and price action to gauge institutional appetite for the newly listed shares.
This article is for informational purposes only and does not constitute investment advice.
