2018年12月11日星期二
 
專家論市
Martin Hennecke

Debutants perform poorly in grey market
 
11/10/2018
 
Four listing candidates failed to impress investors as they closed below their IPO prices in grey market trading yesterday. Tokyo Chuo Auction (1939) once fell to HK$1.25 or 16.7 percent below its IPO price but managed to close at HK$1.50. The Tokyo-based company has two business segments, namely art auction and related business, as well as art sales, both focused on Chinese and Japanese art including paintings, calligraphy, antiques, and teaware. The retail tranche of its public offering was 5.69 times oversubscribed, and it priced its IPO at the low end of the HK$1.50 to HK$1.71 indicative range. Meanwhile, the retail tranche of Midea Real Estate's (3990) IPO was also poorly received by investors as it generated a mere 25 percent subscription. The mainland developer, backed by the founder of giant appliance maker Midea, set its offer price at HK$16.50, the lower end of its IPO indicative range of HK$16.50 to HK$26.50. Its share price closed 2.35 percent lower than its IPO price in the gray market. Elsewhere, mainland developer DaFa Properties (6111) set its IPO price at HK$4.20 per share, just a shade higher than the mid-point of its IPO indicative price range between HK$3.28 to HK$4.98 per share. Its retail tranche was only 32 percent subscribed. Based on the offer price, the company is estimated to have generated about HK$740 million from its IPO. Its share price closed at HK$4.17 in the grey market, 0.7 percent lower than its IPO price. In other news, Ganfeng Lithium (1772), China's top producer of lithium used in electric vehicle batteries, priced its IPO at HK$16.50 per share, at the bottom of its IPO indicative price range. Its retail tranche was 58 percent subscribed. Ganfeng is expected to raise HK$3.17 billion from its Hong Kong IPO. The company, which supplies BMW and Tesla, saw its share price close at HK$16.06 in the gray market, 2.67 percent lower than its IPO price. Its listing price was "significantly undervalued" as investors were put off by factors such as depressed spot lithium prices, vice chairman Wang Xiaoshen said this week in an interview with Bloomberg. He said the company's priority was to get financing for its near-term projects.

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