(01:30 GMT) *Medcaptain Medical Technology Shares Fall 31% to HK$10.63 From IPO Price in Hong Kong Trading Debut (02:21 GMT) Medcaptain Medical Technology Shares Fall in Hong Kong Trading Debut
By Megan Cheah
Shares of Medcaptain Medical Technology declined in their Hong Kong trading debut on Monday, adding to the streak of lackluster debuts in the world's busiest venue for new offerings this year.
The stock shed as much as 35% from its initial-public offering price to trade at 9.99 Hong Kong dollars in early trading. It has since pared gains to trade at HK$10.24.
The Shenzhen-based medical-device provider raised HK$600 million, equivalent to US$76.5 million, through the sale of 38.9 million shares at HK$15.42 each.
The 3.9 million shares offered to the Hong Kong public was more than 436 times subscribed, while the remaining shares under the international offering were 2.35 times subscribed.
The company manufactures medical products for areas including life support and in vitro diagnostics. Medcaptain aims to use the net proceeds to boost its research and development, expand its product lines and increase its production capacity.
It is the first of three planned Hong Kong listings this week, with Shenzhen Longsys Electronics set to list Tuesday and Excelland Robotics scheduled to start trading on Wednesday.
Last week, shares of Shein fell as much as 10% on their first day of trading in Hong Kong before rebounding to close to the initial public offering price, while Mech-Mind declined on its first trading day.
Funds raised through IPOs in the first eight months of the year totaled HK$342.4 billion, more than double the amount raised in the same period a year earlier, data from Hong Kong Exchanges & Clearing showed.
Write to Megan Cheah at megan.cheah@wsj.com