Stock Track | Zhongmiao Holdings Surges 7.62% on Successful Hong Kong IPO

Stock Track08-06

Shares of Zhongmiao Holdings (Qingdao) (HKG:1471), a Chinese insurance agency service provider, soared 7.62% during intraday trading on Tuesday, following the company's successful initial public offering (IPO) in Hong Kong.

Zhongmiao Holdings raised HK$195.8 million in net proceeds from its Hong Kong IPO after pricing its shares at the lower end of the indicative range, at HK$7.0 per share. The company issued 35.3 million shares, with the public offering portion being oversubscribed by 16.07 times, indicating strong demand from retail investors.

Despite a tepid opening, with shares slipping nearly 2% at the start of trading, the stock rallied throughout the day, reflecting investor confidence in the company's prospects and the additional capital raised through the IPO. The IPO proceeds are expected to provide Zhongmiao Holdings with the necessary funds for future growth and expansion initiatives.

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