Sino Golf driven off fairway in rough start
Club maker Sino Golf Holdings teed off for its main-board debut yesterday - and promptly wound up in the rough.
The mainland firm opened at HK$1.33 - up 2.3 per cent on its offer price of $1.30 - but ended 30.76 per cent down at 90 cents.
Pacific Challenge Securities research director Ricky Tam Siu-hing said Sino Golf had been handicapped by the market's poor condition.
'I don't see anything wrong, I just don't think that the market was very good,' Mr Tam said.
'In the last few weeks, the market had been expecting a better performance.'
However, Tung Tai Securities associate director Kenny Tang Sing-hing said that given the nature of its operations as an original equipment manufacturer for the likes of Spalding and Nicklaus, Sino Golf's performance was par for the course.
'I'm not surprised. The business isn't very attractive,' Mr Tang said. 'I don't think there will be exciting earnings growth in the coming year because you can't expect a huge increase in golf players.'