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UPDATE 2-China's Nongfu Spring pops 54% in Hong Kong debut


Chinese bottled water and drinks producer Nongfu Spring Co Ltd shares closed 54% up on their first trading day on Tuesday, in one of the best debut performances for a $1 billion-plus initial public offering (IPO) in Hong Kong on record.The stock opened 85.3% higher than its IPO price of HK$21.50 each before retreating.To get more news about Nongfushanquan, you can visit en.nongfuspring official website.

Nongfu’s shares ended at HK$33.10, ranking it fourth behind the now-delisted , Smoore International and China Literature in terms of first day gains for companies that raised more than $1 billion in their IPOs on the exchange, according to Refinitiv data.

It was the third most traded stock on the Hong Kong market behind on-demand service apps provider Meituan and Tencent by turnover with HK$8.14 billion ($1.05 billion) worth of stock changing hands, Refinitiv data showed.The performance augurs well for other planned IPOs, including financial technology firm Ant Group’s dual Hong Kong-Shanghai listing worth up to $30 billion, which could come as soon as next month, Reuters reported citing sources.

Nongfu is China’s leading bottled water producer and a top-three player in the bottled tea and juice market, according to its prospectus.

The firm raised $1.1 billion in its Hong Kong IPO, pricing its shares at HK$21.50 apiece, at the top end of their indicative range.“I would say we are seeing some institutions who did not get an allocation in the international placement looking to buy the stock on the market,” said Steven Leung, UOB Kay Hian institutional sales executive director.