Dow Jones Newswires: Guanze Medical, STAR CM soar in Hong Kong market debuts

by | Dec 28, 2022 | Stock Market

Two Chinese companies soared on their debut in Hong Kong, bucking the trend of losses in the broader market. Shares of medical-device company Guanze Medical Information Industry (Holding) Co. more than tripled in early Thursday trade, while those of STAR CM Holdings Ltd., one of China’s biggest reality TV show producers, soared as much as 79.2%.

Guanze Medical’s shares were last up 213.2% at HK$1.13, while STAR CM was last up 51.5% at HK$13.65. The benchmark Hang Seng Index
HSI,
-1.12%
was last down 1.0%. Guanze Medical raised about 102 million Hong Kong dollars (US$13.1 million) in net proceeds from its initial public offering. The offering was 14.2 times oversubscribed. STAR CM raised about HK$319.6 million in net proceeds from its IPO, which was more than four times oversubscribed. The gains outperformed a broad decline in the Chinese healthcare sector. JD Health
6618,
-4.02%
dropped 3.5%, while Meihao Medical Group
1947,
-10.34%,
which went public last week, slid 8.6%.

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