On July 10, Befar Group fell 14.08% in regular trading, trading at HK$2.97/share, with turnover of HK$109 million. The stock made its trading debut on the Hong Kong Stock Exchange main board, opening significantly below the offer price of HK$3.48 per share.

Befar Group priced its Hong Kong IPO at HK$3.48 per share, raising approximately HK$1.16 billion in net proceeds from the global offering of 352 million H-shares. Despite the Hong Kong public tranche being 227.58 times oversubscribed, the stock opened at HK$2.74, down 21% from the offer price. Grey market trading the prior evening had already indicated weakness, with shares closing down over 21% below the IPO price. The company reported expected first-half net profit growth of 208.25% year-on-year to RMB 344 million, driven by rising prices in epoxypropane, chloropropene, and propylene, but the strong earnings outlook failed to support the debut. Befar Group is a comprehensive chemical conglomerate engaged in chlor-alkali chemicals, C3/C4 chemicals, and wet electronic chemicals production and sales.

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