Publisher of Hong Kong satirical magazine 100Most soars as much as tenfold on market debut after record demand

March 28, 2018
Industry News
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Laura He
laura.he@scmp.com

The company attracted retail investor demand of more than 6,000 times the number of shares on offer

Hong Kong media firm Most Kwai Chung, which runs popular satirical magazine 100Most and a digital media site tapping into Hong Kong’s youth culture, saw its stock soar as much as tenfold on its trading debut after attracting the most public subscriptions for an IPO in Hong Kong history.

Most Kwai Chung opened at HK$8.40 on Wednesday morning and quickly shot up to HK$11.76, 10 times its IPO price of HK$1.20. It closed at HK$6.38, with 185 million shares having changed hands.

With a current market cap of HK$1.7 billion, the company is more valuable than a slew of established media companies in Hong Kong, including Sing Tao News Corporation, i-Cable Communication, Hong Kong Economic Times Holdings and Next Digital.

“The demand for the stock is largely due to the brand name,” said Alex Wong, director of asset management at Hong Kong-based Ample Capital. “100Most magazine and Most TV are popular among many Hong Kong people.”

Besides, the IPO market in general has been heating up in the past few weeks. Investors may be trying to replicate the success of some previous listings such as eye clinic operator C-Mer and B&S International, which sells popular Taiwan beverage brand Ten Ren Tea, he said.

The two companies’ recent IPOs attracted oversubscriptions of 1,557 times and 2,600 times respectively.

100Most, launched in 2013, describes its style as “snappy and funny” and as reflecting the attitudes of Hong Kong’s young people. In 2015, the company established TV Most, an online video platform that provides sarcastic video takes on daily issues.

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