Lenovo Owner Legend Little Changed in Hong Kong Share Debut

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Legend Holdings Corp. was little-changed in its Hong Kong trading debut after the largest shareholder of Lenovo Group Ltd. raised $2 billion from investors including Ping An Insurance Group Co. and TCL Corp.

Shares fell 0.1 percent to HK$42.95 at the close of trade. The stock was sold in the initial public offering at HK$42.98, near the top of the company’s marketed range.

Legend functions as a holding company with shares in sectors including financial services, senior care, food and liquor, chemicals and technology. The Beijing-based company’s IPO brings to $16.7 billion the total funds raised so far this year in Hong Kong as companies tap into China’s equity bull run.

Monday’s listing is the third-largest among IPOs and local share sales in Hong Kong for the year through June 26. The fundraising trails GF Securities Co.’s $4.1 billion issue in March and the $5 billion raised by Huatai Securities Co. last month, according to data compiled by Bloomberg.

In addition to more than 30 percent stake of Lenovo, the world’s largest PC maker, Legend owns more than 90 percent of both Raycom Real Estate Development Co. and Zhengqi Anhui Financial Holdings Co., according to its prospectus.

GF Securities surged 41 percent in its opening trade when it listed on April 10. That’s the biggest debut among the 11 Hong Kong-listed stocks raising $100 million or more this year, according to data compiled by Bloomberg. AAG Energy Holdings Ltd. posted the biggest opening decline among that group, falling 10 percent in its June 22 debut.

Legend’s debut is at least the fifth in Hong Kong this month, following last week’s listing of furniture maker Red Star Macalline Group Corp. which dropped 4.1 percent in its first day of trading.

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