Galaxis Technology Soars 75% in Gray Market Debut

Edgen Stock·Mar 23 2026, 08:48

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Key Takeaways

Galaxis Technology saw its shares surge in pre-listing gray market trading, signaling strong investor appetite ahead of its official debut on the Hong Kong Stock Exchange on March 24.

Galaxis Technology (02729.HK) shares climbed over 75% in gray market trading, closing as high as $29.2 on the PhillipMart platform.
The closing prices were substantially higher than the implied listing price of approximately $16.66, based on the reported gains.
Combined trading turnover across the Futu and PhillipMart platforms exceeded $78 million, indicating robust pre-IPO demand.

Stock Jumps Over 75% in Pre-Listing Trade

Shares of Galaxis Technology (02729.HK) experienced a significant price increase in gray market trading ahead of its official listing on March 24. On the Futu platform, the stock opened at $21.9, a 31.5% premium over its listing price, and closed at $29.1, marking a 74.7% gain. Performance was even stronger on the PhillipMart platform, where the stock opened 19.4% higher at $19.9 and finished the session at $29.2, up 75.3%.

Turnover Exceeds $78M on Strong Demand

The enthusiastic trading activity points to strong investor demand for the industrial automation systems provider. The combined turnover from the two major gray market platforms, Futu and PhillipMart, reached $78.43 million. Futu recorded a turnover of $46.93 million on a volume of 1.67 million shares, while PhillipMart saw $31.5 million in turnover from 1.17 million shares traded. This high volume of pre-market activity suggests positive sentiment for the stock's formal trading debut.