Friday, July 10, 2020
Martin Hennecke

Chengdu software player soars 40pc in gray market
Two mainland companies begin trading on the mainboard today, with mainland software operator 360 Ludashi (3601)'s shares price surging 40 percent in the gray market after being oversubscribed by 270 times. 360 Ludashi, the developer of well-known utility software brand Ludashi, surged 40.37 percent to HK$3.79 in the Bright Smart gray market last night. The Chengdu-based firm, controlled by Shanghai-listed 360 Security Technology, was oversubscribed by 276.36 times by retail investors. It raised HK$105.7 million after pricing its public float at HK$2.7, higher than the midpoint of the indicative price range between HK$2.3 to HK$3. Ludashi was the largest PC and smartphone hardware and system benchmarking and monitoring solution provider in China in terms of user base, occupying 98.8 percent and 58.9 percent of the market share for PCs and mobile devices respectively, based on the monthly active users in 2018, according to Frost & Sullivan. Meanwhile, shares of Topsports International (6110), the sportswear arm of former blue-chip stock Belle International, fell 0.12 percent to HK$8.49 in the gray market before its market debut. The Shanghai-based company raised about HK$7.62 billion after pricing its initial public offering at HK$8.5, the lower end of marketed price range between HK$8.3 to HK$10.1. Its retail tranche was 1.39 times oversubscribed. In other IPO news, EuroEyes International Eye Clinic has been oversubscribed by more than 40 times and is set to price its IPO at the midpoint of the targeted price range of HK$6.2 to HK$8.8, according to market sources. The German eye clinic firm is seeking to raise up to HK$698 million through the flotation and plans to list on the mainboard on October 15. Separately, Saudi Aramco, the world's biggest oil producer, is expected to file its IPO prospectus by the end of the month, the Wall Street Journal reports, citing sources.

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