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Listed Rideshare IPOs Disfavoured: CHENQI TECH Crashes 12% to Listing Low, as DIDA INC Craters ~60% Since Listing
Mainland online rideshare service provider and semi-new stock CHENQI TECH (09680.HK), which was listed on 10 July, opened 2% higher today (19 July) and then descended along with th...
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Listed Rideshare IPOs Disfavoured: CHENQI TECH Crashes 12% to Listing Low, as DIDA INC Craters ~60% Since Listing
Recommend
74
Positive
50
Negative
75
 
 

Mainland online rideshare service provider and semi-new stock CHENQI TECH (09680.HK)  -0.060 (-0.375%)   , which was listed on 10 July, opened 2% higher today (19 July) and then descended along with the market, dropping to a new listing low of $20.6. It is now trading at $21.95, crashing 12.2%, with a volume of 58,700 shares, involving a capital of $1.2892 million. Based on the listing price of $35, the current price is about 37.3% lower than the listing price.

CHENQI TECH was founded by GAC GROUP (02238.HK)  -0.210 (-6.195%)    Short selling $9.50M; Ratio 8.613%   and TENCENT (00700.HK)  -7.000 (-1.717%)    Short selling $1.22B; Ratio 17.727%   , with cornerstone investors including Guangzhou Automobile Industry Group, Pony AI, DiDi Global's subsidiary Voyager, and WeRide. THe company raised a net of $969 million from the listing. The stock rose to a record high of $40.05 on the following day, before tumbling downwards.

Related NewsM Stanley Cuts End-2025 HSI Forecast to 19,400 Under Base Case Scenario w/ Bull/ Bear Case Targets 25,000/ 14,000
DIDA INC (02559.HK)  -0.040 (-1.878%)   , another recently-listed IPO that debuted at the end of last month, is now trading flat at $2.49, which is 58.5% below its $6 listing price. The stock raised $182 million in net proceeds.

Recently-listed IPOs traded individually. LAOPU GOLD (06181.HK)  -8.800 (-4.139%)    Short selling $5.71M; Ratio 10.026%   , which was listed at the end of last month, is the best performer. It is now at $81.2, slightly down 0.5%, but has already about doubled from the listing price of $40.5. On the other hand, KINGFARPROPERTY (01354.HK)  -2.650 (-8.116%)   , which was listed on 3 July, as well as VOICECOMM (02495.HK)  +4.700 (+2.394%)   and RUICHANG INTL (01334.HK)  +0.010 (+1.111%)   listed on 10 July, have risen by about 10-16% from the listing price. CARLINK TECH (02531.HK)  +1.850 (+8.315%)   , which was listed just this Monday (15 July) is now trading at $6.93, soaring 47.5% from its listing price of $4.7.

On the other hand, TIANJUDIHE (02479.HK)  -0.950 (-1.298%)   , ZHONGGAN COMM (02545.HK)  -0.020 (-5.882%)   and FANGZHOU JIANKE (06086.HK)  +0.020 (+0.354%)   , which have been listed since the end of last month, are now trading at about 22%, 69.6% and 43.4% higher than their listing prices respectively. CIRRUS (02507.HK)  -0.050 (-0.248%)   , which went public last Friday (12 July), is now about 10% lower than its listing price. BAIWANG CO (06657.HK)  +0.100 (+0.274%)   last printed at $35.35, around 1.8% below the listing price of $36.

Related NewsM Stanley Downgrades CN Equities to Slightly UW; G Sachs Drops HK Equities to UW
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-22 16:25.)

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