Heavy buying in the last 30 minutes of trading sent AcrossAsia Multimedia's share price up 18.9 per cent from the offer price at its listing debut yesterday, giving it the largest capitalisation on the Growth Enterprise Market (GEM). But brokers and analysts warned the strong debut should not be interpreted as a sign of a turnaround in the depressed high-technology market, where the benchmark index is still down 50 per cent from the start of the year. They said the movement in the share price of Greencool Technology Holdings, which also debuted on the GEM yesterday, more accurately reflected market sentiment. Greencool's shares fell 13.7 per cent from its HK$2.18 opening price. By the end of trading yesterday, the GEM Index was down 3.3 per cent on profit-taking, after Wednesday's 13.3 per cent technical rebound. AcrossAsia's share price was not being fuelled by retail demand. Instead, its shares suddenly shot up in the final half-hour of trading on heavy buying orders from Jardine Fleming Securities and Sun Hung Kai Securities, after hovering between HK$3.15 and HK$3.50 for most of the day. 'I am quite surprised by the last-minute spurt . . . it could be a goodwill gesture to Lippo [the majority shareholder] from friendly parties, but I think the share will fall back later as interest and volume dwindle,' a broker said. The counter ended at HK$3.90, or 62 HK cents higher than the price offered to institutional investors earlier this week. It was the most actively traded GEM stock yesterday with turnover of HK$210.13 million. The strong finish gave the company a market capitalisation of HK$19.74 billion, overtaking former leader Tom.com, which ended the day with a capitalisation of HK$16.17 billion. Other brokers said AcrossAsia's broadband infrastructure concept, the company's impressive size and diverse revenue streams also made it more attractive to investors. The company, which sources most of its revenues from computer equipment and software distribution, plans to roll out high-speed multimedia services in Indonesia through its cable network. Meanwhile, some brokers said investors' cool response to refrigerants-maker Greencool Technology's listing debut was because of its relatively high pricing. 'It was regarded as an industrial stock and, given its price earnings multiple of about nine, it was considered a bit expensive,' said Celestial Asia Securities head of research Herbert Lau. The counter closed at HK$1.88, compared with the HK$2.18 issue price of its new shares, and despite continuous buying orders through ING Baring Securities and South China Brokerage, according to brokers. ING is a co-sponsor of Greencool's listing. Meanwhile, the market is expected to see the listing of several software developers later this month, including application service provider Epro and FlexSystems, which specialises in accounting software. Analysts who attended the roadshow of FlexSystems said the company had about 20 per cent share of the local accounting software market. It recorded a year-on-year 63.6 per cent jump in net profit to HK$16.2 million for the year to the end of March. Revenues grew 16.4 per cent to HK$44.7 million. At a target price range of HK$1.23 to HK$1.33, its offer of 120 million new shares values the company at more than 30 times its per-share historical earnings. Software developer Grandmass Enterprise Solution, which last month placed 119.15 million shares at 50 HK cents each, and e-commerce and telecommunications start-up Henderson Cyber make their GEM debut today.