It is too early to judge the long term performance of 毛記葵涌 Most Kwai Chung (01716) HKEX but the trading activities and closing price (closed at $3.480, drop $2.9 or 45.45% from previous day closing) on its 2nd trading day (March 29th, 2018) after its March 28th listing date isn’t that auspicious to say the least.
Of course, considering its IPO price of HK$1.20, the 2nd trading day closing price of $3.48 is still 290% of listing price. Quoting SCMP March 28th report,
“Hong Kong media firm Most Kwai Chung, which runs popular satirical magazine 100Most and a digital media site tapping into Hong Kong’s youth culture, saw its stock soar as much as tenfold on its trading debut after attracting the most public subscriptions for an IPO in Hong Kong history.
Most Kwai Chung opened at HK$8.40 on Wednesday morning and quickly shot up to HK$11.76, 10 times its IPO price of HK$1.20. It closed at HK$6.38, with 185 million shares having changed hands.
With a current market cap of HK$1.7 billion, the company is more valuable than a slew of established media companies in Hong Kong, including Sing Tao News Corporation, i-Cable Communication, Hong Kong Economic Times Holdings and Next Digital.
“The demand for the stock is largely due to the brand name,” said Alex Wong, director of asset management at Hong Kong-based Ample Capital. “100Most magazine and Most TV are popular among many Hong Kong people.””
See more (with video interviews and video clips) in my 2015 post, “林日曦呢個黑紙100毛人“