Yidu's shares closed more than 120 percent higher than its offering price in the gray markets last night, meaning investors could make a paper gain of more than HK$3,100. The deal attracted eight cornerstone investors, including Tencent, Kerry Holdings, Canada Pension Plan Investment Board, and OrbiMed. Dickie Wong Tak-kei, executive director of research at Kingston Securities, expects the stock may double in price today and suggested investors should cash out. In other IPO news, Chinese online short video start-up Kuaishou passed a listing hearing with the Hong Kong stock exchange yesterday, mainland media reported. The Tencent-backed firm is seeking to raise up to HK$39 billion from a public sale before Lunar New Year.

Source: The Standard January 14, 2021 19:07 UTC