Hongfucheng surges on ChiNext debut as mainland China’s tech IPO count reaches 27 this year

Hongfucheng listed on ChiNext on Sept. 29, extending this year’s run in mainland China tech IPOs to 27 companies across the Shanghai and Shenzhen markets. The company opened 681% above its offer price after selling 18.7306 million shares at RMB 76.86 each and raising RMB 1.44 billion. The article says the stock carried the highest offer price among ChiNext new listings this year and the second-highest on the board for the year. Using Wind data under an information technology classification, the report says the 27 mainland tech IPOs have raised a combined RMB 122.232 billion so far this year. Changxin Technology alone accounted for RMB 66.607 billion, or 54.5% of the total. On the Hong Kong side, 49 tech companies have listed this year, raising about HK$207.94 billion, equal to 54% of total IPO proceeds in the city, according to the article. The same day also saw Kingboard? No. The report specifically names Kinwong Electronic as completing an A+H listing in Hong Kong, with net proceeds of about HK$4.961 billion. It also marked the first Hong Kong main-board IPO sponsorship and overall coordinator mandate completed by Guolian Securities International, according to the report.