Movement Alert｜KINWONG Falls 6.2% in Regular Trading, H-Share Breaks Below IPO Price on Debut Day

Market Focus09-29 09:31

On September 29, KINWONG fell 6.2% in regular trading, trading at 68.0 HKD/share with turnover of HKD 173 million. The company's H-shares officially debuted on the HKEX Main Board today, breaking below the IPO price of HKD 69.88 per share on the first trading day.

KINWONG issued approximately 72.94 million H-shares in its global offering, raising roughly HKD 5.097 billion in gross proceeds. Despite strong subscription demand — with the Hong Kong public offering oversubscribed 94.25 times — pre-listing dark pool trading had already signaled weakness, closing at HKD 65.45, down 6.34% from the offer price. The international offering was 10.57 times subscribed, with cornerstone investors allocated 47.69% of total IPO shares.

Adding to bearish sentiment, the company's A-shares recorded net institutional outflows of RMB 240 million on September 28, with the stock falling 8.26%. Fundamentally, KINWONG reported first-half revenue of RMB 8.611 billion, up 21.37% year-over-year, while net profit attributable to shareholders declined 7.38% to RMB 602 million, reflecting a revenue-growth-without-profit-growth pattern.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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