Excelland Robot (03231.HK) is set to debut on Sept. 9 after gray market trading pushed its shares to HK$27.98, a 93.6 percent premium over the HK$14.45 offer price. Pre-listing prints diverged across platforms, with Futu showing an early 3.3 percent drop and PhillipMart a flat open.
Excelland Robot (03231.HK) gray market shares last printed at HK$27.98, up 93.6 percent from the HK$14.45 IPO price, ahead of the Sept. 9 listing.
Futu data shows the stock opened down 3.3 percent at HK$13.98 before climbing, on volume of 1.18 million shares and turnover of HK$27 million. PhillipMart data, by contrast, shows the gray market opening flat at HK$14.45 on 595,000 shares and HK$14.1 million in turnover. HK stock quotes are delayed at least 15 minutes.
The divergent prints across the two platforms reflect the thin, off-exchange liquidity that typically marks gray market sessions ahead of a formal debut. Neither platform's figures have been reconciled, and the gap between the HK$13.98 opening and the HK$27.98 last print on Futu points to sharp intraday swings. Gray market activity, which lets investors trade before official listing, is widely read as an early gauge of first-day demand.
The surge implies strong appetite for the robotics listing, whose full deal terms — including cornerstone investors and use of proceeds — have not yet been disclosed. First-day trading on Sept. 9 will test whether the momentum holds, with the stock's performance against the HK$14.45 offer price the clearest signal of institutional and retail demand. A sustained premium would mark a strong start for the company's debut.
This article is for informational purposes only and does not constitute investment advice.
