September IPOs Suffer as Maiketian Grey Market Tumbles 23%, Jiangbolong Prices Below Cap
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
September's new listing season in Hong Kong is off to a rocky start, with multiple upcoming debuts showing signs of weakness even before trading begins. Medical device provider Maiketian (2041) experienced a dramatic fall in Thursday's grey market trading, while semiconductor memory company Jiangbolong (9976) priced its Hong Kong shares below the initial range, signaling tepid institutional demand. The poor grey market performance follows recent underwhelming debuts from fashion e-commerce giant SHEIN (625) and industrial robot maker Mecademic Robot (9615), raising concerns about investor appetite for new listings.
Key Points
- Maiketian (2041) closed Thursday's grey market session down 17% to 22.8% across three major platforms, with one lot (100 shares) showing paper losses of HK$262 to HK$352
- The company's Hong Kong public offering attracted overwhelming demand, oversubscribed 435.4 times, with the A-group allocation of 300 lots guaranteeing one lot, while top-tier applications of 19,455 lots received 31-32 lots
- International placement for Maiketian was oversubscribed 1.4 times, substantially lower than the retail portion, indicating stronger retail speculative interest
- Jiangbolong (9976) priced its H-shares at HK$236, representing a 1.9% discount to the upper end of the IPO range, with top-tier applications of 26,078 lots allocated 607 lots
- Separately, Genscript Biotech (1548) announced plans to spin off its CRDMO subsidiary Pengbai Shengwu on the Hong Kong main board, which will remain a subsidiary after listing
- AI model KIMI's parent company Moonshot is exploring a Hong Kong listing to raise US$3-5 billion (HK$23.4-39 billion), with Bank of America newly added as overall coordinator and CICC, Deutsche Bank and Goldman Sachs as sponsors
Why It Matters
The weak grey market performance of Maiketian and the below-range pricing of Jiangbolong reflect waning institutional and retail appetite for Hong Kong IPOs, particularly for mainland Chinese companies. A successful spin-off of Pengbai Shengwu by Genscript could provide a positive counterpoint, while Moonshot's potential billion-dollar listing demonstrates continued interest from China's AI sector in tapping Hong Kong's capital markets despite broader market headwinds .
The weak grey market performance of Maiketian and the below-range pricing of Jiangbolong reflect waning institutional and retail appetite for Hong Kong IPOs, particularly for mainland Chinese companies. A successful spin-off of Pengbai Shengwu by Genscript could provide a positive counterpoint, while Moonshot's potential billion-dollar listing demonstrates continued interest from China's AI sector in tapping Hong Kong's capital markets despite broader market headwinds .