Key Takeaways:
Ingenic (03223.HK) closed at $99.75 on the gray market, down 0.3 percent from its $100 listing price, ahead of its Aug. 25 debut on the Hong Kong exchange.
The gray market session opened up 0.1 percent at $100.1, according to Futu data. The stock peaked at $109.3 and bottomed at $97.5 before settling, with 362,200 shares changing hands for turnover of $36.38 million. Excluding handling fees, the book loss was $25 per board lot of 100 shares.
PhillipMart data showed a slightly wider decline, with the stock closing at $99.5, down 0.5 percent or $0.50 from the listing price, on volume of 295,000 shares and turnover of $29.3 million. That implied a book loss of $50 per board lot. Hong Kong stock quotes are delayed by at least 15 minutes.
The gray market, an informal pre-listing venue run by brokers, gives an early read on demand for a new issue. Ingenic's session, trading marginally below the offer price, points to muted early interest for the chipmaker's Hong Kong listing. The $109.3 peak, however, showed buyers stepped in at the open before profit-taking pushed the stock lower. First-day trading on Aug. 25 will test whether institutional interest firms up, with the broader exchange backdrop supported by Goldman Sachs' view that HKEX (00388.HK) second-quarter results beat expectations and should draw a positive share-price reaction.
The sub-$100 gray market close signals soft sentiment for the IPO, though the intraday high suggests the offer drew early bids. Investors will watch the Aug. 25 debut for the first full-session signal on demand for the listing.
This article is for informational purposes only and does not constitute investment advice.
