Shares Of Most Kwai Chung Soar On Debut

A company that runs a satirical website, Most Kwai Chung, saw its shares soar by nearly tenfold on its debut, after making Hong Kong IPO history with a retail over-subscription of 6,000 times.

The newly listed firm reached HK$11.76 in early trading on Wednesday, 9.8 times higher than its IPO price of HK$1.2. The gain eased later in the day.

Most Kwai Chung also owns the magazine 100 Most. Company spokesman, Ivan Yuen, said he's surprised by the strong performance of the stock and its IPO, saying getting listed itself was a stunning achievement.

He said the firm is planning more major events, but does not have plans to look for mainland funds. Yuen said the firm's three founders have development plans in their minds every day.

Yuen added that he will ask for a pay rise, and believes that company founders, including Lam Yat-hei, will reward workers at the firm.

Most Kwai Chung's website attracts many viewers and sponsors, with its shows often poking fun at political and social issues.