Unisound AI Technology (HKG:9678) saw its shares soar 5.27% in intraday trading on Monday, marking a strong performance following its initial public offering (IPO) on the Hong Kong Stock Exchange. The surge comes after a tepid start, with shares initially opening flat at HK$205.00, matching its IPO price.
The Chinese AI services provider's stock rally appears to be fueled by strong investor interest demonstrated during its IPO. Unisound AI raised HK$206.4 million in net proceeds from the offering, with the Hong Kong public offering portion being 91.66 times oversubscribed. This overwhelming demand triggered a clawback mechanism, reallocating more shares to the public offering from the international offering.
The impressive oversubscription rate and the company's decision to exercise its overallocation option, issuing an additional 234,140 shares, likely contributed to the positive sentiment among investors. As trading progresses, market participants seem to be recognizing the potential of Unisound AI in the rapidly growing artificial intelligence sector, driving the stock price higher despite the initial flat opening.
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