(Bloomberg) -- Sunmi Technology-W (06810.HK) shares soared as much as 278% in gray market trading Friday, a sign of robust investor appetite ahead of its official debut on the Hong Kong Stock Exchange on April 29.
Data from PhillipMart showed the stock closing at HK$94, a 278.1% premium to its calculated listing price of approximately HK$24.86. A separate pre-market trading facility on Futu showed the shares ending at HK$93.25, up 275.1%.
The enthusiastic reception was marked by heavy volume. Turnover on the PhillipMart and Futu platforms reached HK$110 million and HK$212.73 million, respectively, for a combined total of over HK$322 million in pre-listing trades. The stock opened on Futu at HK$30, a more modest 20.7% premium.
The strong gray market performance suggests a significant valuation uplift for the company upon its official listing. The debut will test whether the initial speculative interest from retail investors translates into sustained demand when institutional trading begins. Details on the total deal size, cornerstone investors, and oversubscription rates were not available.
The pricing gives the company a significant premium ahead of its first day of trading on the Hong Kong Main Board. The first day of public trading on Monday will be a key test of institutional demand for the offering.
This article is for informational purposes only and does not constitute investment advice.
