Shares of Computime Group, a maker of electronic controls and automation devices, bucked the falling Hong Kong market yesterday to surge 14.47 per cent on their trading debut. The stock gained as much as 19.7 per cent to an intraday high at HK$2.73, from an issue price of HK$2.28, after opening at HK$2.70. They closed at HK$2.61 after shares worth HK$342.81 million changed hands. Computime's rise compared favourably with the modest gains of other recent listings. Shanghai-based developer Shui On Land rose 10.28 per cent on its debut last Wednesday, while metals trader Lee Kee Holdings rose 7.87 per cent on the same day. More disappointing was Taiwanese printed circuit board maker HannStar Board International Holdings, which climbed 2.82 per cent on its debut last Friday before sinking below its HK$1.77 issue price yesterday. The company lost 4.4 per cent to close at HK$1.74. HannStar's sluggish performance indicated waning demand for new shares in Hong Kong, according to some brokers. Others believed investors were cashing out in preparation for Industrial and Commercial Bank of China's world record US$19 billion share sale, for which the institutional offer started yesterday. 'ICBC's offering is clearly at the market's centre stage now,' said Prudential Brokerage associate director Kingston Lin King-kam. 'Many investors chose to take their profits from their recent IPO investments in anticipation of the lender's giant IPO, especially when the local market is in a short-term consolidation now.' The benchmark Hang Seng Index declined 1.27 per cent or 228.15 points yesterday to close at 17,675.24 after hitting a 6?-year high last week. Turnover fell 18.3 per cent to HK$30.45 billion from HK$37.27 billion on Friday. Shanghai developer SPG Land (Holdings) will be the next test of investor appetites for new listings, with trading starting today. Hong Kong-based Computime raised HK$456 million by selling 200 million new shares last month. The retail tranche was 682 times covered while the institutional tranche was 13 times subscribed, according to a source close to the deal. JP Morgan was the sponsor.