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Huishan Dairy drops 9.8% in HK stock exchange debut
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CHINA Huishan Dairy Holdings Co dropped as much as 9.8 percent in the morning session today on its debut in the Hong Kong stock exchange after it set the offering price at the higher end of a pricing range.
The stock closed down 3 percent at HK$2.59 (33 US cents) after the company raised US$1.3 billion in the second-largest initial public offering in Hong Kong this year.
Some domestic dairy brands are set to receive government subsidies as China is promoting mergers and acquisitions in the market, focusing on some high-end formula brands within the industry, Ministry of Industry and Information Technology said last week.
"Despite the short-term pressure, Huishan Dairy is expected to enjoy potential growth with its relatively low valuation compared with other dairy companies and China's huge growth of formula consumption," Prudential Brokerage said in a research note.
Huishan Dairy said revenue rose 92 percent to 2.55 million yuan (US$417 million) in the year ended in March from the same period a year earlier, according to a company prospectus.
The company had said it plans to use part of the proceeds to expand its dairy herd.
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