China's Wuxi Lead stages muted Hong Kong debut after $627 million offering
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Wuxi Lead Intelligent Equipment had a muted debut on the Hong Kong stock exchange after raising $627 million in a share sale. Shares opened at HK$46.26, slightly above the offer price of HK$45.80, but later traded around the issue price. The company plans to use the proceeds for global expansion, R&D, and strengthening its digital infrastructure. The offering was significantly oversubscribed, with cornerstone investors including Oaktree Capital and Pinpoint Asset Management. This listing contributes to a strong start for Hong Kong's equity capital markets in 2023.
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