Key Takeaways:
- SDMC Tech opens 37.2% higher at $45 on gray market via Futu data.
- Last traded at $52.5, up 60.1% from listing price on 748,500 shares.
- PhillipMart data shows stock last at $53.15, up 62% from listing price.
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SDMC Tech surges up to 62% in gray market ahead of HK listing
SDMC Tech (00901.HK) opened at $45 on the gray market, up 37.2% from its listing price, ahead of its May 27 debut on the Hong Kong Main Board.
According to Futu data, the stock last printed at $52.5, extending gains to 60.1%, with 748,500 shares changing hands and turnover reaching $35.93 million. PhillipMart data showed a similar trajectory, with the stock opening 28% higher at $42 before climbing to $53.15, up 62% from the listing price, on volume of 323,000 shares and turnover of $15.5 million.
The strong gray market performance signals robust demand for the new listing ahead of its official trading debut. Investors will watch first-day trading on May 27 to gauge whether the momentum holds as institutional and retail buyers gain access.
In a related note, JPMorgan raised its MSCI Hong Kong Index base target price to 16,500, naming HKEX (00388.HK), AIA (01299.HK), Techtronic Industries (00669.HK), Sun Hung Kai Properties (00016.HK), and Link REIT (00823.HK) as top picks.
This article is for informational purposes only and does not constitute investment advice.
