Once inside the Hong Kong Stock Exchange. China Vanke subsidiary Onewo and EV maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday.
Paul Yeung | Bloomberg | Getty Images
Leapmotor and Onewo, among Hong Kong’s biggest completed IPOs of the year, fell on their first day of trading in the city on Thursday.
Chinese electric car maker Leapmotor̵[ads1]7;s shares fell as much as 32% from their offer price of 48 Hong Kong dollars ($6.11) per share. It last traded 27.7% lower.
Onewo shares fell 7.9% from their offer price of 49.35 Hong Kong dollars ($6.29) per share in early trade, and were last 4.76% lower.
The moves come after the companies’ shares reportedly fell in gray market trading the day before.
The broader Hang Seng index was last up 1.49%.
The retail tranche of shares for both IPOs were subscribed, according to their respective filings. About 82% of Onewo’s shares for the local market were bought, and only 16% of Leapmotor was bought, the filings said.
Unsold shares were allocated to international buyers.
Onewo, a subsidiary of property developer China Vanke, raised 5.6 billion Hong Kong dollars ($713.5 million), while Leapmotor raised 6.06 billion Hong Kong dollars ($771.7 million).
Data from the Hong Kong Exchange (HKEX) shows that there were 48 new listings in Hong Kong from January to August in 2022, raising 56 billion Hong Kong dollars (US$7.1 billion) – a steep drop from the same period in 2021 , in which there were 69 new entries grossing 271.4 billion Hong Kong dollars ($34.6 billion).