China News Service, Hong Kong, June 16 (Reporter Shi Bingyun) Hong Kong's Hang Seng Index fell 201 points with the external market on the 16th, closing at 28,436 points.
On the same day, Times Angel, a supplier of invisible orthodontic braces in Mainland China, was listed. Its stock price rose 131.7% against the market trend and closed at 401 yuan (HKD, the same below).
Time Angel's listing in Hong Kong this time offered a total of 16,829,600 shares, of which 10% was the public offering, which was overbuyed by 2,078 times, triggering a reversal mechanism. The final Hong Kong public offering was 8,114,800 shares, and the net fund raised was about 2.72 billion yuan.
On the 16th, the quotation opened 1.3 times higher to 400 yuan. It was as high as 490 yuan and closed at 401 yuan, with 14.86 million shares traded throughout the day.
Ye Shangzhi, chief strategist at First Shanghai, pointed out that Time Angel’s business involves the concept of medical aesthetics and has received a high degree of attention recently. It was over-buyed by multiples before listing, and the outstanding performance on the first day of the transaction still reflects the “supply and demand relationship”. It will take 1 to 2 weeks to more accurately reflect the performance of its fundamentals. He believes that the company's valuation is not low.
Guo Sizhi, vice chairman of the Hong Kong Stock Analyst Association, said that the overall stock market volatility was soft, with a turnover of only 138.3 billion yuan.
Among the constituent stocks of the Hang Seng Index, new economic stocks such as Meituan, Alibaba, and Tencent dragged the market down.
Traditional blue chips, such as AIA, HSBC, and mainland banking stocks, tend to be stable.
Guo Sizhi pointed out that Meituan, Tencent and Alibaba already account for about 27% of the HSI. Whether the market can return to the 29,000 level in the second half of the month still depends on the trend of new economic stocks.
On the whole, investor confidence is currently sluggish. Although some medical stocks have performed well recently, it is believed that there are more speculative elements.
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