Evergrande Property Shares Edge Marginally Higher In Hong Kong Market Debut

Shares of Evergrande Property Services opened at HK$8.84 as the stock made its debut on Wednesday on the Hong Kong Stock Exchange, up 0.45% from the IPO price.

The company, a unit of China’s most indebted property developer China Evergrande Group, last week raised $1.8 billion, the third-largest IPO in the city this year, after pricing its shares at HK$8.8 each.

The rise in Evergrande Property’s shares compares with a 0.3% rise in the broader Hong Kong market on Wednesday. Shares of parent company China Evergrande edged down 0.6%.

Response to Evergrande Property Services’ IPO last week was lukewarm with the stock priced towards the lower end of the price range of HK$8.5 to $9.75 each, undermined by concerns about the financial health of its debt-laden parent.

Reuters