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Strong HK debuts for Anta and VindaBy Hui Ching-hoo (China Daily)
Updated: 2007-07-11 08:48 Athletic footware maker Anta Sports Products outshone two other mainland companies making initial public offering (IPO) debuts yesterday as all three floated shares on the Hong Kong market. Anta eclipsed its counterparts - Vinda International Holdings and Regent Manner Holdings - by advancing 42 percent over its offer price of HK$5.28, finishing the day at HK$7.5 per share. Household tissue paper maker Vinda gained 37 percent compared to its initial offer price. Shares in LCD technology provider Regent Manner stayed flat throughout the day. Anta opened with a leap, with shares peaking at HK$7.91 in the morning secession, a 50 percent increase over its offer price. Some 381 million shares of Anta changed hands on a turnover of HK$2.9 billion. Vinda's shares began trading at HK$4.6, a 25 percent increase over its offer price. Momentum for Vinda continued in the afternoon, when its shares climbed steadily to settle at HK$4.6, a margin of HK$1.36, or 37 percent, over its opening price. Turnover was HK$1.35 billion. Shares of Regent Manner closed at HK$1.69, increasing HK$0.01 or 0.6 percent. Enlighten Securities and Futures Executive Vice-President Ricky Cheung said the performances of Anta and Vinda were better than expected. "We believe the IPO market will continue its bullish run. IPO candidates with mainland concepts are exceptionally welcomed by investors," said Cheung. Anta Chairman Ding Shizhong said he is delighted to see the stellar share performance and believes the company will hit profit targets stated in its initial offering documents. He noted the "Beijing Olympic effect" could impact share performance, as could the company's collaboration with its NBA strategic partner, Houston Rockets. Vinda Chairman Li Chaowang said the growing affluence of mainland lifestyles will drive the strong demand for toilet paper. Li conceded rising costs for raw materials could bring cost pressures on Vinda, but appreciation of the yuan is helpful.
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