Shares of Zhejiang Taimei Medical Technology Co Ltd (02576.HK) plummeted by a staggering 29.15% to HK$9.2 on its trading debut in Hong Kong on Monday, October 8, 2024. The medical technology company had priced its initial public offering (IPO) at the top end of HK$13 per share, raising around HK$335 million (US$42.6 million) from the global offering.
The dismal trading debut was further exacerbated by the broader market sell-off, as the Hang Seng Index shed 9.41% on the day. Investor sentiment was dampened by the lack of additional stimulus measures announced by China's National Development and Reform Commission, which had raised hopes for enhanced economic support policies.
Analysts attribute Taimei Tech's lackluster performance to concerns over the company's growth prospects and its ability to justify the premium valuation in the highly competitive medical technology market. The weak investor demand suggests doubts about the company's ambitious expansion plans or its capacity to deliver on its growth targets.
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