Hong Kong’s largest IPO of 2022 Onewo and Leapmotor debut

A bell inside the Hong Kong Stock Exchange. China Vanke subsidiary Onewo and China Vanke subsidiary Zhejiang Leapmotor Technology began trading in the Hong Kong market on Thursday.

Paul Young | Bloomberg | Getty Images

Leapmotor and Onewo, among the largest completed initial public offerings in Hong Kong of the year, dropped on the first day of trading in the city on Thursday.

Shares of Chinese electric car maker Leapmotor plunged as much as 32% of its shares Offer price 48 Hong Kong dollars ($6.11) per share. It was last trading down 27.7%.

Onewo shares fell 7.9% from its own Offer price 49.35 HK dollars ($6.29) per share in early trading, and was last down 4.76%.

The moves come after company stocks It reportedly fell in gray market trading the previous day.

The broader Hang Seng Index is up 1.49%.

The retail tranche of stock for both initial public offerings was under-subscribed, according to their respective filings. The filings said that about 82% of Onewo’s shares were purchased for the domestic market, and only 16% were purchased from Leapmotor.

The unsold shares were allocated to international buyers.

Onewo, a subsidiary of real estate developer China Vanke, raised HK$5.6 billion ($713.5 million), while Leapmotor raised HK$6.06 billion ($771.7 million).

Data from the Hong Kong Stock Exchange (HKEX) shows there were 48 new listings in Hong Kong from January to August in 2022, raising a total of HK$56 billion ($7.1 billion) – a sharp drop from the same period in 2021. , which included 69 new listings that raised HK$271.4 billion ($34.6 billion).

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