2018年12月11日星期二
 
專家論市
Martin Hennecke

Stock sell-off hits market debutants
 
12/10/2018
 
Dragged down by a bearish market, companies having their trading debuts continued to disappoint the market yesterday with Ganfeng Lithium (1772) closing at HK$11.76, far below its offer price of HK$16.50. It was the fifth worst debut performance this year in Hong Kong. Prices for lithium, a key ingredient in rechargeable batteries used in electric vehicles, have halved in China this year due to oversupply, hurting near-term earnings prospects for lithium producers. The longer-term outlook is, however, brighter as Beijing actively promotes EVs to combat air pollution. Wall Street's worst drubbing in eight months overnight, when the S&P 500 fell 3.3. percent, also exacerbated the slide for Ganfeng, China's top lithium producer by capacity and a supplier to carmakers like Tesla and BMW. Ganfeng chairman Li Liangbin put the blame for the share dive on stock market sell-offs around the world. "As our company has a healthy and solid performance ... we are confident that we can further improve our performance to reward our investors in Hong Kong," Li said at the opening bell ceremony. Ganfeng's shares in Shenzhen also dropped up to the maximum limit of 10 percent on Thursday. The listing gives Ganfeng a market value of roughly US$4.5 billion (HK$35.27 billion), not far off Tianqi which is the world's No. 2 by lithium sales but has a market value of about US$5.5 billion. Meanwhile, Midea Real Estate (3990), a mainland developer backed by the founder of appliance maker Midea, closed down by 6.59 percent to HK$15.88 on its market debut yesterday. Among other newly listed stocks, Tokyo Chuo Auction (1939) closed at HK$1.56, 4 percent higher than its IPO price of HK$1.50, while shares of mainland developer DaFa Properties(6111) ended at HK$4.20, equal to the IPO price. In other news, Hang Yick (1894) received 11.5 times subscription on its Hong Kong IPO, and priced its offering at HK$0.85, the midpoint of its offer of HK$0.8 to HK$0.9. Shares in the local hardware products manufacturer traded 14.12 percent lower than its IPO price in the grey market yesterday, closing at HK$0.73. In addition, the retail tranche of KOS International (8042) was 15 times oversubscribed. The recruitment agency set the IPO price at HK$0.3, the low end of the indicative offer price. Its shares closed at HK$0.221 in the grey market, 26.33 percent lower than its IPO price.

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