AAC up 15pc as investors amplify volume

Investors cranked up the volume for listing debutante AAC Acoustic Technologies Holdings yesterday, driving its share price up 15.3 per cent to $3.15 as 119 million shares changed hands.

The mobile phone speaker manufacturer raised gross proceeds of $851.76 million, selling 312 million shares at $2.73 each. The initial public offering was 1.39 times covered.

Chief executive Benjamin Pan Zhengmin said about $210 million of the haul would be invested in expanding the firm's speaker production line in Changzhou.

Proceeds will also be spent on developing new products and production lines in its Shenzhen and Suzhou plants, Mr Pan said.

AAC was the latest in a series of new listings to get a rousing welcome on the Hong Kong bourse. Hong Kong Economic Times Holdings, which listed on August 3, has also done well, its shares closing yesterday at $2.25, 35 per cent higher than the offering price of $1.70.

Market traders believe fund managers were still flush with investment cash, seeking opportunities for short-term profit.