Sunday, June 16, 2019
Martin Hennecke

Snack seller stock up 23pc ahead of debut
Shares of Best Mart 360 (2360), the second-largest snack retailer in Hong Kong, traded 23 percent higher than its initial public offering price yesterday, closing at HK$1.23 in the gray market ahead of its main board debut today. Best Mart priced its float at the bottom of the targeted price range between HK$1 to HK$1.20 after receiving 9.92 times oversubscription. Another newly listed company, Peiport Holdings (2885) ended equal to its IPO price at HK$1.25 in the gray market last night. The firm principally engages in the provision of thermal imaging products and services, self-stabilized imaging products and services, and general aviation products and services in the mainland and Hong Kong. Peiport has raised HK$81.2 million after pricing its offer at the lower end of the indicated price range of HK$1.25 to HK$1.55, the float was 5.13 times oversubscribed. Meanwhile, Weimob, a cloud-based commerce provider backed by Internet giant Tencent (0700), has reportedly raised HK$845 million from its float after pricing the deal at the bottom of the targeted price range between HK$2.80 and HK$3.50. It plans to list on the main board next Tuesday. In other news, mainland property developer Zhongliang eyes a Hong Kong IPO of about US$800 million (HK$6.27 billion) in March, according to Reuters IFR.
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