SenseTime Group’s stock rose as much as 23% from its IPO price on Thursday, adding billions of dollars to the AI company’s market value as it debuted in Hong Kong in the last major IPO of the year. in the city.
Some analysts expected the stocks to struggle due to weak demand during the Initial Public Offering (IPO) process and concerns about SenseTime’s inclusion on a U.S. investment blacklist that led the Chinese company to file its first. attempt to go public.
“The main reason the share price is getting support is that the market had already digested the US sanction issue,” said Kenny Ng, an analyst at Everbright Sun Hung Kai.
“SenseTime set the IPO price at the lower end of the range, which left room for price evolution after it started trading,” he added.
The Chinese company raised $ 740 million from its IPO and valued its shares at HK $ 3.85 ($ 0.4937) each.
The deal valued SenseTime at $ 16.4 billion, while at the session’s peak its market capitalization had totaled about $ 3.8 billion.
SenseTime closed at HK $ 4.13 on its debut, 7.3% higher than its IPO. It was the fifth most traded security by business volume, with 329.97 million shares that changed hands worth HK $ 1.406 million.
The broad Hang Seng index gained 0.11%, while tech stocks in Hong Kong saw slight gains on the day.
Reference-www.eleconomista.com.mx