Autohome shares open 2.7% above HK listing price (updated)

New Horizon Health

15/03/2021 01:51

(Adds deal details)
    By Scott Murdoch and Donny Kwok
    HONG KONG, March 15 (Reuters) - Shares of China's Autohome
 2518.HK  opened 2.7% above the company's issue price of
$HK176.30 apiece on Monday, after it raised $688 million in its
Hong Kong secondary listing.
    The Hang Seng Index  .HSI  is up 0.6% and Hang Seng Tech
index  .HSTECH  has gained 1.1% in early trade Monday.
    Online vehicle firm Autohome had expected to raise up to
$983 million in Hong Kong when the deal was initially launched. 
    But the final pricing of the shares came after its U.S.
stock dropped by 12.5% last Monday amid a rout of global tech
shares on financial markets.
   Autohome shares rose 7% in grey market trading on Friday
ahead of the debut. The 2.7% increase is tepid compared with
some recent Hong Kong debuts.
    New Horizon Health's  6606.HK  stock had surged 200% when it
debuted on Feb. 17 after its $263 million IPO.
    However, China's Cheerwin Group's  6601.HK  stock crashed
20.4% last Wednesday after it raised $395.5 million through its
initial public offering.  urn:newsml:reuters.com:*:nL1N2L804G
    Autohome takes the value of secondary listings in Hong Kong
from U.S.-listed Chinese companies to $1.53 billion in 2021,
according to Refinitiv.
    There were 12 secondary listings in 2020 which raised $19.06
billion, the data showed.
    Autohome's U.S.-listed stock is down 34% from its recent
peak on Feb. 16 and the price set for the Hong Kong listing was
a 5.5% discount to the U.S. closing price last Monday.
    Four Hong Kong shares are equal to one of the company's
ADRs, according to its filings.

 (Reporting by Donny Kwok and Scott Murdoch; Editing by Tom
Hogue and Uttaresh.V)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))