Hui Xian Drops in Gray-Market Trading After Pricing at Low End
Hui Xian Real Estate Investment Trust, Hong Kong’s first stock sale denominated in yuan, fell in gray-market trading ahead of its debut tomorrow after selling units at the low end of a price range.
Hui Xian, backed by Hong Kong’s richest man Li Ka-shing, traded as low as 5.15 yuan, down from its IPO price of 5.24 yuan a unit, according to data compiled by Phillip Securities Group’s PhillipMart in Hong Kong.
The gray market acts as an over-the-counter marketplace for equities that are about to start trading on a stock exchange.
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