On September 29, RA MATERIALS H shares officially began trading on the Hong Kong Stock Exchange, opening at 40.0 HKD per share, down 9.09% from the offering price of 44.0 HKD, with turnover of HKD 170 million.

The break below the IPO price was broadly anticipated. During dark pool trading on September 28, the stock closed at 36.62 HKD, already down 16.77% from the offering price, signaling significant selling pressure ahead of the formal listing. Subscription demand was also tepid, with the Hong Kong public offering attracting only 3.39x oversubscription and the international placement 2.75x, reflecting limited investor enthusiasm. Analysts had previously cautioned that the valuation was not cheap and recommended cautious participation, rating the IPO at just 5.3.

RA MATERIALS is the global leader in phenolic resin for tires, commanding a 41.4% global market share. The company is also expanding into semiconductor photoresist and other electronic materials, which contributed 32.5% of revenue in the first half of the year. Listed on the A-share market since 2018 with a market capitalization exceeding RMB 40 billion, the H-share listing establishes a dual A+H listing structure. Net proceeds from the global offering totaled approximately HKD 2.9 billion.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)