Stock Track | LOPAL TECH Shares Plunge 21% in Lackluster Hong Kong Trading Debut

Stock Track

2024-10-30

Shares of Chinese automotive specialty chemicals company LOPAL TECH (HKG:2465) plummeted over 21% on Wednesday, its first trading day in Hong Kong, following a lukewarm response from investors during its initial public offering (IPO).

The LFP cathode material maker and automotive chemical manufacturer raised HK$495 million in net proceeds from its Hong Kong IPO, pricing its shares at HK$5.50 apiece, below the midpoint of the indicative price range. The IPO pricing and lower-than-expected valuation signaled tepid investor demand for the company's shares.

LOPAL TECH's weak trading debut further exacerbated the sell-off, with the stock opening around 8% lower at HK$5.08 per share compared to its IPO price. The disappointing performance on the first trading day highlights concerns among investors regarding the company's growth prospects and the overall market sentiment.

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