Massive wipeouts in IPOs on HK's Growth Enterprise Market cause concern
Concentrated holdings, preferred investors, low trading volumes at issue
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Hong Kong
HONG KONG'S Growth Enterprise Market has seen a string of the world's best stock debuts this year. It's also been home to some of the biggest plunges, wiping out gains and raising questions about how the exchange operates.
Vegetable supplier Goal Forward Holdings Ltd, whose shares jumped 1,500 per cent on their October debut, is trading 20 per cent below its offer price. Cmon Ltd, designer of board games including "Zombicide: Black Plague," gained 1,330 per cent on its first trading day on Dec 2 and then fell for six consecutive sessions to below its offering price. It's a pattern that plays out regularly on the city's exchange for small companies.
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