The Economic Information Daily reported on the 29th that four new stocks were listed today. Tongcheng New Materials (09607) had the worst opening performance among debutants, opening at HK$40, down 9.1% from its offering price of HK$44. Based on 100 shares per lot, excluding fees, each lot incurred a loss of HK$400.

Tongcheng New Materials announced that the final offering price was set at HK$44 per H-share, at the upper end of the offering range of HK$39.00 to HK$44.00. The Hong Kong public offering received applications from approximately 12,600 people, representing an oversubscription of about 2.39 times. All 6,664 applicants who applied for one lot (100 H-shares) were fully allocated shares, achieving a 100% allocation rate. The group was listed at 9:00 a.m. today. Hilix's dark pool closed at HK$36.62, down 16.8% from the offering price, resulting in a paper loss of HK$738 per lot.

The 'top-tier application' involving 600,000 shares received one application, with 340,300 shares allocated, representing an allocation rate of 56.7%. The Hong Kong public offering maintained its share of total offering shares at 10%. The international offering was oversubscribed by 1.75 times. The group raised approximately HK$2.997 billion from the offering. Given the highly concentrated shareholding among a small number of shareholders, even a small volume of H-share trading could lead to significant price fluctuations in the H-shares.