The performance of hello Group on its first day of listing is highly anticipated.

Today, the new Hong Kong stock Grasshopper Group traded in the gray market, priced at the lower limit of HKD 3.75 per share. The highest gray market price was HKD 6, a 60% increase, while the final closing price at the end of the gray market session was HKD 4.82, up 28.53%. The latest total market cap is HKD 608 million. Although the profit per lot isn't huge, it's still a small win.

    Margin financing data shows that Grasshopper Group's total margin financing amounted to HKD 78.41 billion, oversubscribed by 5,666 times, surpassing Jinko Electronic Co., Ltd. to become this year's most oversubscribed IPO in the Hong Kong market.

    In fact, hot IPOs recently have often performed modestly in the gray market, while their first-day gains exceed those in the gray market. For example, the recently listed MGP saw a 50.67% rise in the gray market but surged 76.51% on its debut. Similarly, the second most oversubscribed IPO, Jinko Electronic Co., Ltd., rose only 15.23% in the gray market but jumped 47.65% on its first trading day.

Grasshopper Group's global offering consists of 33.3336 million shares, with 50% allocated to the public offering and 50% to international placement. Thus, the public offering portion is 16.6668 million shares.

    As we know, the Hong Kong market has three gray market platforms: Futu, Moomoo, and another major one. Futu and Moomoo have the highest trading volumes. Today, Futu's gray market trading volume was 7.4016 million shares.

    Meanwhile, Moomoo's gray market trading volume today was 7.67 million shares.

    Combining Futu's 7.4016 million shares and Moomoo's 7.67 million shares, the total gray market trading volume today was 15.0716 million shares. With the public offering portion at 16.6668 million shares, the turnover rate from just these two gray market platforms alone reaches 90.43%. This means most retail investors have already sold their holdings, and if major players want to drive the price up, it should be relatively easy.

    Grasshopper Group is a small-cap stock, making it more susceptible to manipulation if major players want to hype it. In summary, I believe its performance on its debut tomorrow should be even stronger. If you were allocated shares and didn't sell in the gray market today, you might see gains tomorrow. Of course, this is just my personal opinion—take it as a reference only!

Follow me: Retail Investor Lao Yu$HERBS GROUP(02593.HK)