4 mainland Chinese firms’ listing debuts mark busy day for Hong Kong stock exchange
Pony.ai, WeRide and Ningbo Joyson fell at the opening bell, while Vigonvita Life surged
Shares of Ningbo Joyson Electronic, a major automotive supplier, first changed hands at HK$21.50, falling 0.2 per cent from the offer price of HK$22, before closing at HK$20.24 with an 8 per cent loss. Vigonvita Life Sciences, a biotech company, surged 184 per cent at the start of trading to HK$95 from the offer price of HK$33.37. It closed 146 per cent higher at HK$82, making it the only gainer among the four.
Pony.ai – which is already listed on Nasdaq – raised HK$6.71 billion (US$863 million) after exercising its offer option in full.
It allocated 48.25 million shares under its global offering, with 8.7 per cent sold to Hong Kong retail investors and the remaining 91.3 per cent to institutional investors. The public tranche drew 37,062 applications and was about 15.9 times subscribed. Its cornerstone investors include Eastspring, Ghisallo, Athos, Hel Ved and Ocean Arete.