Shares of CAROTE LTD, a Chinese maker of kitchenware products, skyrocketed 74.05% in their Hong Kong trading debut on Wednesday, closing at HK$16.95 after being priced at HK$9.75 in the initial public offering.
The stellar first-day pop underscores the strong investor appetite for new economy stocks in Hong Kong and comes despite recent market volatility. CAROTE, which manufactures cookware, bakeware, and other kitchen tools, raised $306 million in its IPO.
The Shenzhen-based company's shares surged as high as HK$17.50 in their first trading session before paring some gains. The listing was the city's fourth-biggest first-day gain so far this year. Investor enthusiasm for CAROTE reflects perceptions of its growth potential in China's burgeoning kitchenware market and its positioning as a lifestyle brand.
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