Shenzhen-based kitchenware maker CAROTE LTD (02549.HK) made a spectacular debut on the Hong Kong stock exchange on Wednesday, with its shares skyrocketing 74.05% to close at HK$16.95 in the first trading session.
The stellar first-day pop for CAROTE, which manufactures cookware, bakeware, and other kitchen tools, came after the company raised $306 million in its initial public offering (IPO), pricing its shares at HK$9.75 apiece. CAROTE's strong trading debut underscores the robust investor appetite for new economy stocks in Hong Kong amid recent market volatility.
Investor enthusiasm for CAROTE reflects perceptions of its growth potential in China's burgeoning kitchenware market and its positioning as a lifestyle brand. The company's shares surged as high as HK$17.50 during the session before paring some gains, marking the fourth-biggest first-day gain on the Hong Kong bourse so far this year.
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