WengeAI jumps 131% in gray market before HKEX listing

WengeAI (01956.HK) opened at $95 on gray market, up 56.5% from its listing price, ahead of its June 26 debut on the Hong Kong Stock Exchange Main Board.

The gray market activity signals strong pre-listing demand, with two data providers reporting elevated volumes. Futu recorded 1.18 million shares traded with turnover of $127.5 million, while PhillipMart reported 440,000 shares changing hands for $53 million. Combined turnover reached approximately $180.5 million across the two platforms.

Shares on Futu last printed at $120.50, extending the gain to 98.5%. On PhillipMart, the stock reached $140.20, up 131% from the listing price, which implies a listing price of approximately $60.70. The discrepancy between the two platforms' last prints reflects different data feeds and timing of gray market trades.

Gray market trading, conducted through broker platforms before the official listing, provides an early gauge of investor demand. The activity does not involve actual share settlement until the stock begins trading on the exchange. Strong gray market performance often correlates with a positive first-day debut, though the relationship is not guaranteed.

The strong performance positions WengeAI among the more successful Hong Kong IPOs this year in terms of pre-debut momentum. The company is listing on the Main Board of HKEX, joining a pipeline of technology listings in the city as Hong Kong seeks to attract more AI and tech companies to its exchange. The broader Hong Kong IPO market has shown signs of recovery after a prolonged slowdown.

The gray market surge gives WengeAI an implied valuation well above its initial pricing. First-day trading on June 26 will test whether the momentum carries through to the open market, where a broader base of retail and institutional investors can participate. Investors will watch the opening print for signs of sustained demand.

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