Brief News: XIAO NOODLES first listing plummets, closing down nearly 30% at noon

Guangzhou XIAO NOODLES Catering Co., Ltd. was listed on its first day in Hong Kong, with the opening price dropping 29% compared to the offering price, and closing down 27% at noon. The company's revenue grew by 44% last year, and net profit increased by 32%. In the first half of this year, revenue grew by 33.8%, and net profit surged by 96%. The net fundraising amount is HKD 617 million, mainly used for expanding the restaurant network, brand building, and investing in the food processing industry

The Hang Seng Index fell 0.25% at midday, and the Hang Seng Tech Index dropped 0.2%

36Kr learned that the Hang Seng Index fell 0.25% during the midday break, and the Hang Seng Tech Index dropped 0.2%; the consumer services, textile and apparel, and telecommunications sectors led the decline, with XIAO NOODLES down over 27%, Shenzhou International down over 4%, and China Telecom down over 2%; the non-ferrous metals, defense and military, and electrical equipment sectors saw the largest gains, with China Jinshajiang up over 15%, GOLDWIND up over 6%, and Xair up over 5%; southbound funds had a net inflow of HKD 341 million

Xiao Noodles Catering Management Drops 29% in Hong Kong Debut

Xiao Noodles Catering Management Drops 29% in Hong Kong Debut

"The first stock of Chinese noodle shops" XIAO NOODLES opened lower on its first day of listing on the Hong Kong Stock Exchange, currently down 25.7%

The first day opening price of XIAO NOODLES is reported at 5 yuan, 29% lower than the listing price

XIAO NOODLES debuted today, opening at 5 yuan, down 29% from the listing price of 7.04 yuan, with a trading volume of 8.8755 million shares during the opening session