Wild swings are a regular occurrence in HK market
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Hong Kong
THE world's best-performing new listing this year is a Hong Kong civil engineering stock soaring for reasons that appear unrelated to its business.
Luen Wong Group Holdings Ltd jumped 1,438 per cent on the first trading day after its April initial public offering (IPO) and is now 6,715 per cent above its offer price. The company, which reported sales of US$41 million last year and profit of US$1.1 million from projects such as laying roads and digging sewers, is today worth US$2.9 billion.
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