NASN Tech gray market surges 62.6% ahead of Aug 7 listing

NASN Tech (02261.HK) gray market shares surged 62.6 percent to $16.94 ahead of its Aug 7 Hong Kong listing, Futu data show.

The gray market opened up 34.4 percent at $14, with 2.5 million shares traded and turnover of $40.64 million, according to Futu. PhillipMart data showed the stock opened up 33.4 percent at $13.9 and last printed at $16.91, up 62.3 percent from the listing price, on volume of 1.36 million shares and turnover of $22.3 million.

The two data providers reported slightly different figures, reflecting the fragmented nature of gray market trading ahead of the official debut. Gray market trading allows investors to buy and sell shares before the official listing on the Hong Kong Stock Exchange, providing an early gauge of demand. Hong Kong stock quotes are delayed by at least 15 minutes, according to the data providers.

The 62.6 percent gray market premium reflects strong investor demand for NASN Tech's initial public offering. First-day trading on Aug 7 will test whether the gray market enthusiasm translates into sustained buying, with the stock's debut performance likely to influence sentiment for upcoming Hong Kong listings. The company's official listing price and full deal terms have not yet been disclosed.

This article is for informational purposes only and does not constitute investment advice.