SG Micro (03661.HK) opened 40.8% higher to $120 on the gray market ahead of its June 26 Hong Kong Main Board listing. The stock last traded at $110.7, up 29.9% from the listing price, with turnover of $117 million on PhillipMart's platform.
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SG Micro surges 40.8% on gray market ahead of HK listing
SG Micro (03661.HK) opened up 40.8% to $120 on the gray market ahead of its June 26 listing on Hong Kong's Main Board, according to PhillipMart data.
The stock last traded at $110.7, up 29.9% from the listing price of about $85.2, with 1.06 million shares changing hands and turnover reaching $117 million, PhillipMart data showed. On Futu's platform, the stock opened 15% higher at $98 and last printed at $103.9, up 21.9%, on volume of 915,900 shares and turnover of $90.5 million.
The gray market performance showed strong demand for the chipmaker ahead of its official debut. Gray market trading, conducted through broker platforms before exchange listing, serves as an early gauge of investor appetite.
The strong gray market showing comes as China Galaxy Securities said Hong Kong stocks' fundamentals have confirmed an inflection point, though market confidence and fund flows have yet to align. SG Micro's first-day trading on June 26 will test whether pre-IPO demand sustains. The listing price of about $85.2 values the company against semiconductor peers on the Hong Kong exchange.
This article is for informational purposes only and does not constitute investment advice.
