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Hong Kong stocks moving | Jiuyuan Gene (02566) fell over 5% during trading, hitting a new low, down 40% from the offer price, with a total market value of less than 2 billion Hong Kong dollars.
Jiuyuan Genetics (02566) fell over 5% during intraday trading, hitting a low of 7.36 Hong Kong dollars, setting a new record low since its listing, having dropped more than 40% compared to the offering price of 12.42 Hong Kong dollars. As of the time of writing, it is down 4.38%, at 7.42 Hong Kong dollars, with a transaction amount of 14.6585 million Hong Kong dollars and a total market value of less than 2 billion Hong Kong dollars.
[IPO Monthly Report] The Hong Kong stock IPO market remained active in November, with Jinko Electronics' subscription multiple ranking second in Hong Kong history.
Jinwu Finance News | As November approaches, the Hong Kong IPO market continues to remain active, with 7 companies successfully listed on the main board of the exchange this month, covering various industry sectors such as jewelry, biotechnology, and electronic manufacturing. Subscription sentiment this month is high, with a particularly strong demand for Jinko Electronics' shares, followed closely by Jiuyuan Gene. However, the performance on the first day of listing is still similar to last month, with 3 out of 7 new stocks breaking below their issue price and 1 closing flat. On November 26, the second HKEX China Forum will be held in shanghai. The CEO of the Hong Kong Stock Exchange, bonnie chan yi-ting, stated in his speech that they are discussing the inclusion of reits in the Shanghai-Hong Kong Stock Connect with the Shanghai and Shenzhen exchanges.
Insigma Technology's Joint Stock Company Completes Hong Kong Listing
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.
