Baigai New Materials falls 5% in Hong Kong trading
Baigai New Materials (8090.HK) fell 5.44% to HK$6.08 during regular trading.
The company listed on the GEM of the Stock Exchange of Hong Kong on July 8, closing at HK$6.43, a 3.4% rise from the offer price. It was oversubscribed approximately 3,014 times during the prospectus stage, raising net proceeds of about HK$69.4 million. As a manufacturer of composite material cable trench covers in China, its market share is expected to rank among the industry leaders.
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