China's Star Plus Legend shines in Hong Kong debut

Star Plus Legend Holdings

13/07/2023 07:00

** Shares of low-carbohydrate coffee and drinks maker Star
Plus Legend Holdings Ltd  6683.HK  trade as high as HK$6.30 in
Hong Kong debut on Thursday, up 48.2% from the offering price
    ** Stock last at HK$5.56 each, still up 30.8% from the
offering of HK$4.25 apiece    
    ** Brokers say investors willing to take on more risk to bet
on singer-actor Jay Chou's star power for future growth, riding
on the strength of a 2.6% rise in the broader market  .HSI 
    ** Star Plus Legend, known for its brand of coffee promoted
by founder Yeh Hui-Mei's son Chou, sold 126.64 mln shares in
Hong Kong IPO raising HK$538.22 mln ($68.83 mln)
    ** Jiangsu-based firm, which also involves health
management, skincare products development and IP content
creation, says proceeds will be used for diversification of
product portfolio, to increase brand exposure and for IT
development 
    ** Company says it relies heavily on Chou for both its new
retail business and IP creation and operation business
    ** The Hang Seng Commerce & Industry Index  .HSNC  surges
3.1% and the Hang Seng Consumption Index  .HSCGSI  adds 1.9% 

    ($1 = 7.8197 Hong Kong dollars)

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