China’s fitness app startup Keep made its debut on the Hong Kong stock exchange under the stock code “3650”. The company’s shares were launched at a price of HK$30.3 ($3.87) each, a 4.77% increase from the original issuance price of HK$28.92 ($3.69). This initial valuation sets Keep’s market value at HK$15.928 billion ($2.04 billion). During its initial public offering, Keep offered a total of 10.839 million shares, with 9.755 million allocated for international issuance and 1.084 million for public issuance. The public issuance in Hong Kong achieved roughly 3.08 times of oversubscription, while international issuance saw about 1.37 times of oversubscription. Cornerstone investment agreements were signed with Fenda Technology, Shengde Group, and Qunxin Machinery. These Cornerstone investors contributed a total of HK$76.54 million ($9.79 million) to the subscription amount. [IThome, in Chinese]
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