Shares in Yidu Tech Inc, which offers artificial intelligence and big data products to the healthcare industry, jumped by 148 percent in its Hong Kong debut after a HK$4.12 billion (US$531 million) initial public offering that met with overwhelming demand from investors, Bloomberg reports. Yidu Tech shares closed at HK$65.2, after rising to HK$69.8, compared with the IPO price of HK$26.30. The company sold about 156 million shares at the top of a marketed range. The opening day performance is the third-best for a Hong Kong IPO raising over US$500 million, data compiled by Bloomberg show. Only e-cigarette maker Smoore International Holdings last year and Alibaba.com when it first listed in 2007 – have seen their shares jump by more on their first day of trading.

Source: The Standard January 15, 2021 10:16 UTC