Alebund-B jumps 76% in gray market ahead of HK listing

Alebund-B (09637.HK) surged as much as 81.8 percent in gray market trading ahead of its June 29 listing on the Main Board.

The stock opened at $23.26, up 2.9 percent from the listing price, before climbing to $39.82, a 76.2 percent gain, on volume of 1.71 million shares and turnover of $69.39 million, according to Futu data. PhillipMart data showed a similar trajectory, with the stock opening at $38, up 68.1 percent, and last trading at $41.08, an 81.8 percent premium, on 1.04 million shares and $43.3 million turnover.

China Galaxy Securities said in a related note that Hong Kong stocks' fundamentals have confirmed an inflection point, though market confidence and fund flows have yet to form a synergy.

The strong gray market performance signals robust demand for the biotech listing. First-day trading on June 29 will test whether institutional and retail buyers sustain the momentum, with the company's valuation relative to sector peers set to determine near-term price direction.

This article is for informational purposes only and does not constitute investment advice.