Knowledge Atlas (02513.HK) surged 12.6 percent to close at HKD 1,660 after its STAR Market IPO tutoring status was updated to "Tutoring Acceptance." The company plans to raise RMB 15 billion through an A-share listing on Shanghai's tech board. Bank of America initiated coverage with a Buy rating and HKD 1,250 price target.
Knowledge Atlas (02513.HK) surged 12.6 percent to HKD 1,660 after its STAR Market IPO tutoring status advanced to "Tutoring Acceptance."
The Hong Kong-listed education technology firm earlier proposed to issue A shares and list on Shanghai's STAR Market to raise RMB 15 billion, with Guotai Haitong Securities acting as the tutoring broker, according to CSRC data.
The stock opened flat before rallying in the afternoon to hit an intraday peak of HKD 1,739. Trading volume reached 3.82 million shares, representing HKD 6.03 billion in turnover. Short selling totaled $162.54 million, accounting for 2.7 percent of total turnover.
Bank of America Securities initiated coverage on Knowledge Atlas with a Buy rating and a price target of HKD 1,250.
The STAR Market, officially the Science and Technology Innovation Board, is China's Nasdaq-style board launched in 2019 to attract tech and innovative companies. The "Tutoring Acceptance" status indicates the CSRC has accepted the company's tutoring filing, a procedural step before a formal IPO application.
The RMB 15 billion fundraising target would make it one of the larger STAR Market listings in the education technology sector. The company's next milestone will be the submission of a formal prospectus to the Shanghai Stock Exchange, which will trigger the review process.
This article is for informational purposes only and does not constitute investment advice.
