Keytop Parking surges 188% in gray market ahead of HK debut

Keytop Parking (02272.HK) surged as much as 188% in gray market trading ahead of its June 26 Hong Kong Main Board listing.

The stock opened at $92, up 132.6% from the listing price, and last traded at $113.6, representing a 187.2% gain, according to Futu data. PhillipMart data showed a similar trajectory, with the stock opening at $99, up 150.3%, and last printing at $114, up 188.2%.

Futu recorded gray market volume of 431,340 shares with turnover of $46.44 million, while PhillipMart reported 168,000 shares changing hands for $18.1 million. The combined turnover of more than $64.5 million signals strong pre-listing demand for the parking solutions provider.

The gray market performance suggests robust institutional and retail appetite ahead of the company's Main Board debut. China Galaxy Securities said Hong Kong stocks' fundamentals have confirmed an inflection point, though market confidence and fund flows have yet to form a full synergy. For Keytop Parking holders, the gray market surge signals potential for a strong first-day pop. Investors will watch the June 26 listing for the stock's official market reception.

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