Hong Kong IPO: GEM board welcomes its first small-firm listing in 3 years as UBoT soars 36% in trading debut

UBoT Holding, the first new listing on the Hong Kong stock exchange’s secondary board in more than three years, surged on debut, with one analyst saying the listing bodes well for the market.

The semiconductor-component maker’s shares rose as much as 36 per cent from its offer price of HK$0.5, before ending the day 6 per cent higher at HK$0.53 on the GEM market, giving the company a market capitalisation of HK$265 million (US$33.9 million), according to exchange data. The broader Hang Seng Index jumped 1.8 per cent, the biggest advance since May 10.

Source: TRADE FINANCE