Key Takeaways:
- Nexchip (02249.HK) opens 8% higher on gray market at $34.88
- Stock last traded at $35.8, up 10.8% from the listing price
- Gray market turnover reaches $164 million on 4.78 million shares
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Nexchip climbs 10.8% on gray market ahead of HKEX debut
Nexchip (02249.HK) opened 8% higher on the gray market at $34.88, ahead of its July 10 listing on the Hong Kong Main Board.
"The gray market activity reflects strong pre-listing demand for the chipmaker," data from PhillipMart and Futu showed.
The stock last printed at $35.8, up 10.8% from the listing price, on volume of 4.78 million shares and turnover of $164 million, according to PhillipMart. Futu data showed a similar trajectory, with the stock at $35.44, up 9.7%, on 4.73 million shares traded and $165.97 million in turnover.
The gray market performance signals robust investor appetite for new listings on the Hong Kong exchange, which has seen a pickup in IPO activity during the first half. Bank of America Securities recently cut its price target on Hong Kong Exchanges and Clearing Ltd. (00388.HK) to HKD500, noting strong first-half IPOs but a lack of mega listings.
Nexchip's gray market pricing gives the company a valuation that will be tested when regular trading begins on July 10. Investors will watch for the stock's first-day close relative to gray market levels to gauge sustained institutional demand.
This article is for informational purposes only and does not constitute investment advice.
