SenseTime Group Slumps After Expiration of Lockup Period-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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SenseTime Group Slumps After Expiration of Lockup Period

Dow Jones2022-06-30

By Clarence Leong

SenseTime Group Inc.'s stock posted its biggest intraday loss since its debut, after a six-month lockup requirement ended, with the share price falling below its initial-public-offering price.

Shares fell 45% to HK$3.32 in Thursday morning trade, compared with the IPO price of HK$3.85. The trading volume was more than one billion shares, versus a three-month average daily volume of fewer than 20 million shares, according to FactSet.

The decline came despite some in the company's management agreeing to voluntarily extend the lockup period of their shares for six more months, in a show of confidence in SenseTime's long-term value and prospect, according to a filing Thursday.

Cornerstone investors subscribed to 69% of the offering, or 1.03 billion Class B shares, before the overallotment option was exercised. The lockup period ended Wednesday.

SenseTime had raised 5.55 billion Hong Kong dollars (US$707.3 million) in net proceeds from its IPO.

The benchmark Hang Seng Index was up 0.2% at 22047.11.

Write to Clarence Leong at clarence.leong@wsj.com

$(END)$ Dow Jones Newswires

June 29, 2022 23:25 ET (03:25 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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DerekC
·2022-07-01
Wondering when the winter will be over
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