Hong Kong IPO Debuts' Share Outperformance Likely Short-Lived -- Market Talk

Dow Jones06-28

0531 GMT - The strong performance from Hong Kong IPO debuts by Laopu Gold and Tianju Dihe (Suzhou) Technology will likely be short-lived, says Sonija Li, Head Retail Research at Maybank Investment Bank. The surge in trading reflected the oversubscription of the IPO, where demand exceeded supply, rather than market sentiment, Li says. The key factors to watch, which would affect the Hong Kong market sentiment would include any long-term economic reform plans announced at China's upcoming third plenary session, as well as the trend of the Chinese yuan and Japanese yen, Li adds. Laopu Gold soars 79% to HK$72.65, while Tianju Dihe (Suzhou) Technology gains 36% to HK$112.90. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

June 28, 2024 01:31 ET (05:31 GMT)

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The key factors to watch, which would affect the Hong Kong market sentiment would include any long-term economic reform plans announced at China's upcoming third plenary session, as well as the trend of the Chinese yuan and Japanese yen, Li adds. Laopu Gold soars 79% to HK$72.65, while Tianju Dihe (Suzhou) Technology gains 36% to HK$112.90. 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