Mainland commercial property developer Renhe Commercial Group<1387> gained 4.42% on its debut in Hong Kong yesterday, despite a slumping market trend, the South China Morning Post reported on Thursday.
Shares of the company opened 2.65% lower to HK$1.1 from HK$1.13, the initial public offering price. After touching the intraday high of HK$1.19 and the intraday low of HK$1.09, the shares ended the trading session 4.42% higher at HK$1.18.
The benchmark Hang Seng Index tumbled 774.57 points or 5.15% to close at 14,266.60 on Wednesday.
The commercial property developer, which originally planned to sell 3 billion new shares to raise up to HK$5.1 billion from the offering, had cut its IPO price to HK&$1.13 apiece from a range of HK$1.40 to HK$1.71 earlier this month, as it saw both the institutional and retail offerings undersubscribed, according to the report.
In January, New World Strategic Investment Ltd, a unit of Hong Kong-listed New World Development<17>, Sequoia Capital China and Capital International jointly invested RMB 1.3 billion in the company.
Based in the northeastern Chinese city of Harbin, Renhe is a leading underground shopping center operator on the mainland. It builds and operates five underground shopping centers in Harbin and Guangzhou. (From: China Knowledge)