China's iMotion Automotive falls in Hong Kong debut, Henan Jinyuan drops

Henan Jinyuan Hydrogenated Chemicals Co

20/12/2023 03:32

** Shares of Chinese self-driving firm iMotion Automotive
Technology Suzhou Co Ltd  1274.HK  trade as low as HK$26.55 each
in Hong Kong debut on Wednesday, down 10.5% from the initial
public offering (IPO) price
    ** Stock last down 4.9% from the IPO price of HK$29.65
apiece. That compared to a 1.2% rise in the broader market
 .HSI 
    ** Suzhou-based company, which counts Geely  0175.HK  as one
of its key customer among others, sold 22.11 mln shares in IPO,
raising HK$655.7 mln ($84.03 mln) for research and development
of autonomous driving solutions and products, and for sales and
service network expansion 
    ** Meanwhile, shares of another new comer Henan Jinyuan
Hydrogenated Chemicals  2502.HK  trade as low as HK$0.94 each in
Hong Kong debut, down 21.7% from the IPO price of HK$1.20 apiece
    ** Clean energy products supplying unit of Henan Jinma
Energy  6885.HK  sold 238.9 mln shares in IPO, raised HK$286.7
mln to fund gas stations construction and for acquisitions
    ** Investors continue to stay away from the weak IPO market
which is experiencing a multi-year low in new share sales
    ** Hang Seng Tech Index  .HSTECH  rises 1.5% and Hang Seng
Composite Index  .HSCI  climbs 1.2%



($1 = 7.8034 Hong Kong dollars)
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))