Longsys (09976.HK) gray market shares opened flat at HK$236 and last traded at HK$236.6, up 0.3 percent from the offer price, ahead of its Sept 8 HKEX Main Board listing. PhillipMart data showed 169,000 shares changing hands with HK$39.3 million in turnover, while Futu data recorded 126,100 shares and HK$29.49 million in turnover.
Shares of memory storage firm Longsys are trading within a hair of their HK$236 offer price in the gray market, with the last print at HK$236.6 showing a 0.3 percent premium ahead of the Sept 8 HKEX Main Board debut.
PhillipMart data showed the gray market opened at HK$236 on volume of 169,000 shares and turnover of HK$39.3 million. Futu data separately recorded an opening dip of 3.4 percent to HK$228 before the stock recovered to HK$236.6, with 126,100 shares traded and HK$29.49 million in turnover.
The two data providers' figures reflect different snapshots of gray market activity, where shares trade informally ahead of the official listing. HK stock quotes are delayed by at least 15 minutes.
The gray market performance suggests early demand is holding near the offer price, a positive signal for the Sept 8 debut. The listing will test whether the HK$236 valuation attracts sustained buying once shares begin trading on the Main Board.
The IPO comes as UBS reported that China's passive fund assets under management surpassed active funds for the first time, a shift that could reshape how institutional capital participates in new listings. The debut will also gauge investor appetite for HK listings as the market navigates evolving fund flows.
This article is for informational purposes only and does not constitute investment advice.
