Henan-based China XLX Fertiliser saw active trade in its Hong Kong trading debut yesterday, the latest company after Asian Citrus Holdings to list by introduction.
Shares of the Singapore-listed producer of coal-based urea and compound fertilisers opened at HK$5.02 and rose as high as HK$10 before closing at HK$5.20. They closed at 51 Singapore cents (HK$2.84) on the Singapore Exchange on Monday.
But it was a relatively quiet day compared with Asian Citrus, which was suspended within two hours of making its debut on November 26 because of concerns that its share price did not take into account a 10-for-one stock split.
Asian Citrus shares, which were also listed on the Alternative Investment Market in London, traded at 70 to 80 times earnings on debut and more than 10 times their previous close in London. After trading resumed on November 27, the stock fell almost two-thirds.
As a result, the exchange has asked companies that are listing by way of introduction to provide the last closing price of their shares on other markets before they make their Hong Kong debut.
Turnover in XLX stock yesterday on the Hong Kong bourse was 3.77 million shares worth HK$23.86 million.