RCG Holdings shares soared as much as 206.44 per cent yesterday as investors scrambled to outbid one another for access to the limited pool of shares in the newly listed company.
Interest in the provider of anti-counterfeit and biometric products has snowballed since normally reclusive billionaire Tony Chan Chun-chuen made a public appearance on Tuesday to mark the company's trading debut.
Reportedly a part-owner of RCG, Mr Chan has been in the headlines since laying claim to the rumoured HK$100 billion estate of the late Nina Wang Kung Yu-sum.
RCG eventually closed up 134.93 per cent at HK$23. It outpaced all other stocks by at least three times, stretching its gain to 247.96 per cent from 48.11 per cent during its debut.
The benchmark Hang Seng Index slid 341.43 points or 2.46 per cent to 13,539.21 yesterday, snapping a five-day winning streak.
But just under HK$40 million worth of shares changed hands during the two-day advance because RCG did not introduce any new shares during its listing on Tuesday.
'There is a shortage of shares and with only so many going around if somebody starts to buy, the supply dries up,' said Fulbright Securities general manager Francis Lun Sheung-nim. 'That's why you have this unnatural rise to almost HK$30.'
