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Finally, three Hong Kong IPOs trade up on their debuts

Ausnutria, China Vanadium and Yingde Gases collectively put an end to the poor performance of recent Hong Kong IPOs.

The latest three initial public offerings to hit the Hong Kong market traded up on their debuts yesterday, putting an end to the recent spate of poor aftermarket performance. And, in an encouraging sign that this wasn't a one off, grey market trading in Wynn Macau suggested the casino operator will open about 2% above its IPO price when it starts trading today.

 “We are now seeing a more normal IPO market, with deals trading more on fundamentals and valuations than on market sentiment,” said an equity capital markets banker.

The best performer yesterday was Ausnutria Dairy Corporation, which soared 27.5% above its IPO price to HK$5.10. The producer of baby...

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