Alibaba-backed Chongqing Hongjiu Fruit rises in Hong Kong debut

Chongqing Hongjiu Fruit Co

05/09/2022 07:01

** Shares of China's fresh fruit products deliver Chongqing
Hongjiu Fruit Co Ltd  6689.HK  trade as high as HK$41.20 per
share in Hong Kong debut on Monday, 3% above their offering
price
    ** Stock of the Alibaba-backed fruit distributor last trade
at HK$40 per share, unchanged with the offer price 
    ** That was compared to a 1.6% drop in benchmark Hang Seng
Index  .HSI  
    ** Chongqing-based company sold 14.01 mln shares in its Hong
Kong offering, raising HK$560.4 mln ($71.40 mln) to expand its
upstream procurement, sales and distribution networks, and to
strengthen capacity on logistics and warehousing  urn:newsml:reuters.com:*:nFWN2ZZ234
    ** Brokers say investors are not keen in new listings amid 
weak market sentiment and they prefer to look for bargain than
taking risk in IPOs     
    ** Hong Kong stock of e-commerce giant Alibaba  9988.HK 
falls as much as 3.4% to HK$87.55, lowest since Aug. 24 
    ** Hang Seng Commerce & Industry Index  .HSNC  slumps 2.3%
and Composite Industry Index on consumer staples  .HSCICS  drops
2.4%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both slip 1.6%

($1 = 7.8491 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))