Deals

Yixin Jumps on Debut as Tech Fever Grips Hong Kong Market

Tencent-backed stock jumps 32% in first day of trading
Hong Kong’s tech-related IPOs at record levels this year

Yixin Group CEO Andy Zhang discusses the company’s IPO.Source: Bloomberg

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By Alfred Liu

November 16, 2017 at 1:37 AM UTC

Updated on

November 16, 2017 at 3:00 AM UTC

This article is for subscribers only.

Yixin Group Ltd., an online car-loan provider backed by Tencent Holdings Ltd., jumped as much as 32 percent on its first day of trading, marking the latest eye-popping debut in a Hong Kong stock market gripped by technology fever.

The company’s HK$6.8 billion ($871 million) initial public offering was sold at the top end of the marketed range, in a sale that drew massive interest from retail investors. The stock was trading 11 percent higher on Thursday as of 10:54 a.m. local time.