Lingyi iTech closes 21.3% higher at $12.35 in gray market debut

Lingyi iTech (01688.HK) closed at $12.35 on the gray market, up 21.3% from its listing price ahead of its June 26 debut on the Main Board.

The stock opened at $11.20, up 10%, and traded between $14 and $9.89 during the session, according to Futu data. Volume reached 25.07 million shares with turnover of $296.55 million. Excluding handling fees, the book gain was $1,432.20 per board lot of 660 shares.

PhillipMart data showed a similar trajectory, with the stock opening at $12, up 17.9%, and closing at $12.32, up 21%. Volume on that platform reached 24.5 million shares with turnover of $293 million, and a book gain of $1,412.40 per board lot.

The strong gray market performance comes as 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.

The pricing gives Lingyi iTech an enterprise value that will be tested when regular trading begins on June 26. Investors will watch for institutional demand and whether the stock can hold above its gray market close in its first official session.

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