Movement Alert｜KINWONG Falls 6.98% at Open, Breaking Below IPO Price on Hong Kong Debut

Market Focus09-29 09:23

On September 29, KINWONG fell 6.98% at open on its first day of trading on the Hong Kong Stock Exchange, trading at HK$65.0/share, with turnover of HK$119 million, breaking below its IPO price of HK$69.88 per H-share.

The company completed its H-share global offering of approximately 72.94 million shares, raising net proceeds of approximately HK$4.96 billion. Despite strong subscription demand — with the Hong Kong public offering oversubscribed 94.25 times — dark-market trading had already signaled weakness, closing at HK$65.45, down 6.34% from the offer price. Cornerstone investors, including Innolight Technology and Efunds, were allotted 47.69% of the IPO shares.

The global top-ranked automotive electronics PCB supplier reported H1 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 dynamic. Pre-IPO share reductions by controlling shareholders, who collected over half of RMB 1.711 billion in cumulative dividends over three years, had also drawn market scrutiny.

(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.)

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