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So this creates a new floor at 7p. However, the IPO subscribers came in at 10.2p so I expect a lot of them to bail if the price gets back there.
Need to hold for a while to get more than the IPO price methinks as IPO subscribers liquidate
Closed at 0.7 so that’s about 7.25p. No coincidence the arbitrage happens has been closed. Just not in the way I expected. However huge volume 128 million would suggest the Loan shares have mostly been flipped. Feel for the local investors who paid 1.38 just after it opened. We should see it steadily climb back to just above 1 I would imagine
so thats about 7p equivalent?
Going back down 0.7 now
Anyone got a trade history for hkex which shows all individual buys and sells?
Price climbing so 75 cents now. I expect a good rebound as locals will sense a good deal and 9.5 times oversubscribed so given all investors got 10% of what they asked for right about now they might see they can average down. Market in HK will close soon so i think the rise back up is now on as that whale seller has moved on hopefully. Be personally surprised in Double River as they would be more sophisticated sellers. This was i have 10m shares (dump) and market was swamped.
Bit of upward movement with 30mins before close :-)
Only time will tell but if Double River did dump their shares this morning (over night in HK) them maybe paying off the loan and keeping the shares in the IPO offering might have been the better option. Or it was a UK seller that was cleaning out the old stock overhand from the shut down in AIM that flooded it with sells this morning, Like others I just can't see new investors selling up on the first day as that just wouldn't make sense at all (in creating their own loses). I am sure we will see a bounce back up soon enough as the BOD must have a few project wins ready to go soon.
But I would have thought a company that's debt free, profitable and cash in the bank for expansion was a Win/Win with the order book these guys have.
Although its hard to see but roughly 14m shares traded in first 5 minutes. Most would have been sells so that is about £1.1m so that is extraordinary. Seller was very committed and it can only be a UK investor as locals would unlikely sell at a loss as thats an odd trade. feel sorry for company who have had rug pulled. however i strongly expect a decent climb because the resistance in HK will now now be closer to placing price of 98 cents, although some buyers will have bought at lows but volume since has been low. those UK pis will either hold or sell up so just have to wait for overhang to go and hope news is strong.
Throw in trump news today and all we can now hope for is profitable trading update. If you think about MMs and others more organised investors and know liquidity is not dissimilar to UK then dropping literally millions of pounds of shares at once Can only have one outcome. It was really quite sad to see but those volumes are exceptional. Share will surely rise going forward as volumes are far lower but company must be annoyed as it convinced a lot of new chinese investors to invest at double the price and Cnel is now on home turf.
https://www.aljazeera.com/news/2020/07/china-vows-retaliation-hong-kong-sanctions-200715033941380.html
Cant ever say its boring that's for sure, the last 24 hours we have seen:
AIM: Ask at 15p and Bid at 3p with a spread at 500-600% at one point
HKEX: High HK$1.380 and Low HK$0.650
Has to be the craziest share on the planet at the moment Wow! on both sides of the world.
I am forever the optimist but genuinely Wow didn't see this fall in value today coming, the only thing I can think of is the unfortunate timing of the IPO against Ethanol Prices as they do a massive dip in the last few days, but the company is in great shape and a little like AIM it doesn't seem to pick up traction in the market. Hopefully its a short term blip and things will get going after a disappointing start (to say the least). I am still glad to be away from AIM though as hopefully the local market knowledge will reflect in the pricing soon.
https://tradingeconomics.com/commodity/ethanol#:~:text=Ethanol%20is%20expected%20to%20trade,0.79%20in%2012%20months%20time.