Two more stocks will list on the Growth Enterprise Market (GEM) today, with smaller gains expected in their prices than those that made their trading debut last week. SIIC Medical Science and Technology (Group) and TS Telecom Technologies were heavily oversubscribed during their initial public offerings - 495.2 times for SIIC and 199.25 times for TS Telecom. Market sources said New World Development chairman Cheng Yu-tung was one of TS Telecom's strategic investors. He is said to have taken up an interest of less then 5 per cent through a private investment. Despite the interest, brokers expect the stocks to rally less on their debut than China Agrotech Holdings and Timeless Software, which closed 60 per cent and 80 per cent respectively above their offering prices. The stocks have fallen from their early highs, with China Agrotech closing yesterday at $1.57, compared with its first day close of $1.92. Such falls will deter investors from buying as aggressively when trading starts today. Celestial Asia Securities research analyst William Li Kin-tung said he expected the two stocks would open between 30 and 50 per cent above their issued prices today. Consequently, subscribers will then rush in to take profits more quickly than before. 'Once subscribers see a profit anywhere above a 20 per cent gain, they will probably try to offload their shares,' a broker said. SIIC was expected to find support in the next week at about $2, a 22.69 per cent premium over its flotation price of $1.63, he said. TS Telecom is expected to settle between $1.70 and $1.80, compared with its issued price of $1.50. The high oversubscription rates for SIIC and TS Telecom might have been boosted by strong initial performances of the first GEM stocks to list, brokers said. The stocks would probably show some volatility but overall, the market was expected to be less active than last week. 'Last week was crazy whereas this week will be volatile,' Mr Li said. Long-term investors would only be attracted to the market when some GEM-listed companies showed strong growth prospects. 'Unless we find a few of these kind of stocks on GEM, it will be difficult to persuade investors to stay long term,' Core Pacific-Yamaichi research director Alex Tang Yee-yuk said.