Share price dropped around 8%; Highest price of the day was HK$1.17
Yuk Wing Group Holdings Limited Trading Debut
Yuk Wing Group Holdings Limited (“Yuk Wing”, together with its subsidiaries, the “Group”; stock code: 1536), a leading manufacturer and supplier of DTH rockdrilling tools in Hong Kong, announces its successful listing on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) today.
The Company’s Share price closed at HK$1.05 per Share, which was approximately 8.7% lower than the Offer Price of HK$1.15 per Share. The highest Share price of the day was HK$1.17. On its first trading day, approximately 99.9 million Shares changed hands with total turnover amounted to approximately HK$111 million.
Octal Capital Limited is the Sole Sponsor. Opus Capital Limited, Supreme China Securities Limited and Octal Capital Limited are the Joint Bookrunners and Joint Lead Managers of the Public Offer.
Commenting on the trading debut, Mr. Kenneth Leung Choi Chan, Chairman, Chief Executive Officer and Executive Director, of Yuk Wing, said, “The successful listing on the Hong Kong Stock Exchange marks an important milestone of Yuk Wing. It proves the Group’s solid fundamentals. The response also shows investors’ confidence in our business development and future prospects. Our business objectives are to deepen our penetration of the Hong Kong DTH rockdrilling tool industry, to extend our international platform through partnering with local distributors to develop new markets and increase sales, to invest in a new manufacturing facility in order to introduce new self-designed and self-manufactured products and enhance our manufacturing capabilities, as well as to expand our research and development team.”
About Yuk Wing Group Holdings Limited
Yuk Wing is the leading manufacturer and supplier of DTH rockdrilling tools in Hong Kong. It provides technical rockdrilling solutions for use in building foundation and piling on construction sites, mining and quarrying, water well drilling, utility linings, micro-tunneling and overburden drilling in a variety of geological formations and at considerable depths. A majority of the equipment and machinery which the Group supplies to its customers are its self-designed DTH rockdrilling tools which it manufactures, and the rest are sourced from third parties for customers depending on their rockdrilling needs.
According to the Frost & Sullivan Report, the Group is the leading manufacturer and supplier of DTH rockdrilling tools in Hong Kong, with a market share in Hong Kong by revenue of 59.2% in 2015. During the Track Record Period, the Group had over 130 customers, including certain foundation companies listed on the Hong Kong Stock Exchange.
Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.