Seven of 12 Hong Kong IPOs fell on debut as September losses mount

Seven of Hong Kong’s 12 initial public offerings in September fell on their first day of trading, according to Bloomberg data. The result raised the third-quarter total to 15 flops out of 31 debuts.

September losses deepen

The September figures show a sharp contrast with the first half of the year, when only 14 of 77 debuts declined. Hong Kong stock debuts are losing momentum as a deluge of IPOs overwhelms investor appetite.

Medcaptain Medical Technology recorded September’s steepest first-day fall, plunging 43 per cent. Fast-fashion giant Shein also tumbled as much as 10 per cent. The weak openings have added to concerns about investor appetite for the growing number of new listings. Bloomberg data formed the basis for the comparison between September’s IPO performance and the first half of the year.

Source: South China Morning Post