Jiumaojiu Surges More Than 40% on Hong Kong Debut
Investing.com
Published Jan 15, 2020 12:18AM ET
By Alex Ho
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Investing.com - Chinese restaurant chain Jiumaojiu International jumped more than 40% on its Hong Kong debut on Wednesday.
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The stock last traded at HK$9.39, up 42% from its IPO price. It surged as much as 48% earlier in the day.
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“Jiumaojiu is a well-known restaurant group in mainland China, and well-known retail brands are popular with retail investors,” said Gordon Tsui, chairman of the Hong Kong Securities Association in a South China Morning Post report. “ The market sentiment is positive in the beginning of this year, which helps the IPO market.”
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Guan Yihong, chairman of the company, said he is satisfied with the performance of Jiumaojiu’s stock on its first day of listing. The company will be focusing on the mainland market for now, Guan said, but will consider opening new outlets in North America, Asia and Hong Kong in the future, he added.
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Jiumaojiu currently operates 328 outlets in mainland China under five brands, and none in Hong Kong for now.
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