Chinese property manager Lushang drops in Hong Kong debut; other newcomers dip

Xuan Wu Cloud Technology Holdings

08/07/2022 07:17

** Shares of property manager Lushang Life Services
 2376.HK  trade as low as HK$4.30 in their Hong Kong debut, down
27.2% from offer price of HK$5.92 
    ** Shandong, China-based Lushang sold 33.3 mln shares in
global offering and raised HK$197 mln ($25.1 mln). Co plans to
use proceeds for acquisition and business expansion  urn:newsml:reuters.com:*:nFWN2YC0PB
    ** Brokers say investor appetite for new listings remains
weak and investors prefer to hunt for bargains, instead of
betting on IPOs in an absence of solid or proven track record
    ** Other newcomers in the Hong Kong market also drop, with
medical instrument developer and manufacturer Rainmed Medical
 2297.HK  falling up to 19.9% 
    ** Rainmed offered 23.3 mln shares in global offering at
HK$6.24 apiece, raising HK$145.4 mln for research and
development and commercialization of core products  urn:newsml:reuters.com:*:nFWN2YC0XI
    ** Guangdong-based customer relationship management services
provider Xuan Wu Cloud Technology  2392.HK  falls 5.3% on its
first day of trade 
    ** Xuan Wu Cloud sold 34.4 mln shares at HK$6.24, raised
HK$215 mln for research and development and strategic
investments  urn:newsml:reuters.com:*:nFWN2YA10K      
    ** Hang Seng Composite Index  .HSCI  eases 0.3% and Hang
Seng Index  .HSI  slips 0.1%
   
    ($1 = 7.8484 Hong Kong dollars)

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