LOPAL TECH, a Chinese automotive specialty chemicals and lithium iron phosphate (LFP) cathode material producer, experienced a dismal trading debut on the Hong Kong Stock Exchange on Wednesday, October 30, 2024.
The company's shares plunged as much as 23.6% from the initial public offering (IPO) price of HK$5.50, hitting a low of HK$4.20 in early trading. By the end of the session, the stock closed at HK$5.05, still down 8.2% from the IPO price, amid a broader market selloff.
The disappointing performance on the first trading day highlighted investors' concerns about LOPAL TECH's growth prospects and the overall market sentiment. The lackluster response from investors was evident during the IPO process itself, as the company priced its shares below the midpoint of the indicative price range, raising HK$495 million in net proceeds.
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