Baige Online Digital surges 272% in gray market ahead of HK listing

Baige Online Digital (02672.HK) surged as much as 272.1% on the gray market ahead of its Hong Kong Main Board listing on June 29.

The stock opened at $16.6, up 6.4%, and last printed at $58.05, representing a 272.1% gain from the listing price, according to Futu data. Volume reached 1.27 million shares with turnover of $78.07 million.

PhillipMart data showed a similar trajectory, with shares opening at $19.9, up 27.6%, and last trading at $65, up 316.7%, on volume of 606,000 shares and turnover of $39.4 million. The discrepancy between the two data providers reflects differences in gray market trading platforms and order matching.

The gray market surge comes as China Galaxy Securities said Hong Kong stocks' fundamentals have confirmed an inflection point, though market confidence and fund flows have yet to form a full synergy. The comment adds a macro backdrop to the strong IPO reception.

The pricing and gray market performance give Baige Online Digital a significant premium to its listing valuation. First-day trading on June 29 will test whether the gray market momentum carries into the public market, with investors watching for sustained buying volume and price stability above the offer level.

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