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The rumors about artificial "intervention" affecting the multiple on new stock subscriptions are rampant; what is the truth behind Jiu Yuan Gene (02566) experiencing a significant drop on its first day?
Nine-Source Genes fell more than 38% on its first day of listing.
Insigma Technology (600797.SH): The subsidiary Jiuyuan Gene was listed on the main board of the Hong Kong Stock Exchange on November 28.
On November 28, Gelonghui reported that insigma technology (600797.SH) announced its wholly-owned subsidiary zhejiang insigma technology venture capital Co., Ltd. (hereinafter referred to as "Insigma Venture Capital") has a stake in Hangzhou Jiuyuan Gene Engineering Co., Ltd. (hereinafter referred to as "Jiuyuan Gene"), which will officially list on the main board of the Hong Kong Stock Exchange on November 28, 2024, under stock code 2566. Jiuyuan Gene is globally offering 45,398,800 new shares at an issuance price of HKD 12.42 per share. After the completion of this global offering, the company holds 24 shares through its wholly-owned subsidiary Insigma Venture Capital.
New stock first day | Jiuyuan Gene (02566) first listed in the morning, opening 39.61% lower.
Jiuyuan Gene (02566) officially listed, the announcement shows that each share is priced at 12.42 Hong Kong dollars, with a total issuance of 45.3988 million shares, each lot consisting of 200 shares, and the net proceeds amounting to approximately 0.485 billion Hong Kong dollars. As of the time of writing, the stock has dropped by 39.61%, trading at 7.5 Hong Kong dollars, with a trading volume of 83.8925 million Hong Kong dollars.
Hangzhou Jiuyuan Gene Engineering Raises HK$485 Million From IPO Ahead of Hong Kong Trading Debut
Hangzhou Jinyuan Gene Engineering Shares to Start Trading on Hong Kong Exchange From Nov. 28.
Hangzhou Jinyuan Gene Engineering Shares to Start Trading on Hong Kong Exchange From Nov. 28
Hangzhou Jinyuan Gene Engineering: Final Offer Price HK$12.42
Hangzhou Jinyuan Gene Engineering: Final Offer Price HK$12.42
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