HONG KONG Feb 28 Huisheng International Holdings Ltd was set to jump 7.3 percent in its Hong Kong trading debut on Friday after retail investors flocked to the bite-sized IPO to bet on rising demand for meat products in China.
Huisheng was indicated to open at HK$2.20 compared with an initial public offering price of HK$2.05 per share. The IPO, which raised $31.7 million, priced at the top of a HK$1.45-HK$2.05 per share marketing range.
Robust demand for Huisheng shares bodes well for industry giant WH Group, formerly known as Shuanghui International Holding, which is slated for an up to $6 billion Hong Kong listing in April.
The retail portion for Huisheng's deal generated 2,188 times more orders than the shares on offer, the second-highest ever level of oversubscription in the city after night club operator Magnum Entertainment Group Holdings Ltd's listing in January.
The benchmark Hang Seng index was indicated to start 0.5 percent higher. (Reporting by Elzio Barreto; Editing by Edwina Gibbs)