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在线翻译:
szdaily -> Markets -> 
HK has weakest tech IPO since ’14 as Good Doctor fizzles
    2018-05-07  08:53    Shenzhen Daily

FRENZIED demand for Ping An Healthcare and Technology Co.’s initial public offering (IPO) failed to translate into a strong debut.

The company, known as Good Doctor, closed unchanged in the worst first-day performance by a technology company on the city’s main board since October 2014.

The weak start weighed on Hong Kong’s stock market, with the Hang Seng Index falling 1.3 percent.

Investors have grown used to instant profits from IPOs, with China Literature Ltd. surging more than 80 percent on its first day after completing a similar-sized technology IPO in November last year. The question now is whether this will damp demand for Xiaomi Corp., which is planning what may be the world’s biggest IPO since 2014 in Hong Kong.

Good Doctor’s performance is “a bit surprising” and hurting sentiment, said Steven Leung, executive director of UOB Kay Hian (Hong Kong) Ltd.

Ping An Healthcare and Technology Co. Ltd. shares opened up 4.6 percent on their market debut in Hong Kong on Friday, as investors jostled for a piece of the fast-growing business.

The company, which operates China’s largest online healthcare platform, raised US$1.12 billion after pricing its IPO at HK$54.80 a share in what is Hong Kong’s largest new listing this year.

Founded in 2014, the company has seen its revenue surge nearly seven times to 1.9 billion yuan (US$299.59 million) over the past three years.

“We are at the stage to acquire more traffic and change consumers’ habit of seeing doctors and managing their health,” said Wang Tao, chairman of Ping An Healthcare.

The company’s home doctor and consumer medical segments are expected to further grow, Wang said, adding that he believed that in the future the company would eventually make a profit.

Ping An Healthcare’s debut comes at a time when Hong Kong is implementing new rules to attract more tech and biotech IPOs to the city, away from other major centers like New York and the Chinese mainland.

(SD-Agencies)

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