Key Takeaways:
- Xunlong Sci-tech opened 85.4% above listing price on gray market
- Gray market turnover reached $54.55 million on Futu platform
- Company set to list on Hong Kong's Main Board on June 30
Back
Xunlong Sci-tech surges 85% on gray market ahead of HK listing
Xunlong Sci-tech (06715.HK) opened at $140 on the gray market, 85.4% above its listing price, according to Futu data.
China Galaxy Securities said HK stocks' fundamentals have confirmed an inflection point, though market confidence and fund flows have yet to form a synergy.
The stock last traded at $103.1, up 36.6%, on volume of 470,600 shares and turnover of $54.55 million. On PhillipMart, the gray market price opened at $120, up 58.9%, with the last print at $100, a 32.5% gain, on volume of 325,000 shares and turnover of $36.7 million. The two platforms showed consistent upward momentum, though with different opening prints reflecting varying gray market liquidity conditions. Hong Kong stock quotes are delayed by at least 15 minutes.
The gray market performance points to strong demand ahead of Xunlong Sci-tech's Main Board listing on June 30. First-day trading will test whether the gray market enthusiasm translates into sustained buying, with the opening price serving as a key indicator of institutional appetite for new HK listings. Investors will watch for the stock's debut performance as a read-through for upcoming Hong Kong IPOs.
This article is for informational purposes only and does not constitute investment advice.
