China Kitchenware Maker’s Hong Kong Debut Gets Boost From Rally
- Carote rises as much as 88% after raising $97 million
- Deal follows Midea’s $4.6 billion listing, China’s stimulus
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A Chinese kitchenware maker has become the latest beneficiary of Hong Kong’s recovering market of initial public offerings, following a multibillion-dollar listing last month and Beijing’s new efforts to revive a slowing economy.
Hangzhou-based Carote Ltd. rose as much as 88% in its Hong Kong debut Wednesday, after raising about HK$751 million ($97 million) via its IPO. The first to list in the city since Chinese appliance maker Midea Group Co.’s $4.6 billion debut, Carote priced its shares at HK$5.78 each, the top of the marketed range.