On June 23, Star Source Material (06067.HK) surged 34.74% in regular trading on its first day listed on the Hong Kong Stock Exchange, trading at HKD 12.83 per share with turnover of HKD 205 million. The stock opened at HKD 12.43, significantly above its IPO price of HKD 8.98 per share.

The strong debut was driven by extraordinary investor demand during the subscription period. The Hong Kong public offering was oversubscribed by 1,563.16 times, receiving approximately 209,600 valid applications, while the international placement was oversubscribed by 14.34 times. The one-hand allocation rate was just 0.10%, reflecting intense retail interest. The company issued approximately 149 million H-shares, raising net proceeds of approximately HKD 1.281 billion.

Star Source Material is a leading lithium-ion battery separator manufacturer founded in 2003 with over 20 years of industry experience. According to Frost & Sullivan, the company has ranked second globally in battery separator shipments for six consecutive years, with global market share increasing from 11.0% in 2020 to 11.6% in 2025. Additionally, the stock was included in the Stock Connect program effective the same day, further enhancing liquidity expectations for southbound investors.

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