New Stock Performance: Guoquan opens at 5.98 yuan

GUOQUAN (02517.HK) saw a range of HKD 6.08 to HKD 5.93 in the dark market, closing at HKD 5.97, 1 cent below the listing price. The stock opened at HKD 5.98, the same as the listing price, with a pre-market trading volume of 1.43 million shares. GUOQUAN is a one-stop home dining food brand in mainland China. According to Frost Sullivan data, based on the retail sales of home dining food products, GUOQUAN ranked first among all retailers in mainland China in 2022. The company raised a total of 68.8028 million H shares at HKD 5.98 per share in its Hong Kong IPO. It has attracted three cornerstone investors, including Hengshun Group's Hengshun Vinegar (600305.SH), Xinxin, and Jinding Capital under Moyuan Group, and COFCO Capital Fund under COFCO Capital. The three cornerstone investors subscribed for a total of 37.0028 million H shares. The public offering received an oversubscription of 3.34 times, with a subscription rate of 19% for one lot. The estimated net proceeds from the IPO are approximately CNY 357 million, of which about 40% will be used to enhance the supply chain capabilities through increasing production capacity and efficiency, about 40% will be used to open and operate self-owned stores, and about 10% will be used to establish a product research and development center and upgrade and purchase related equipment. The joint sponsors of the listing are Huatai International and CICC. (sz/k)