vested
Legend chief waves off slight loss in slide by Jennifer Li
Investors in Legend Holdings (3396) suffered a mere HK$3 paper loss per board lot of 100 shares on its trading debut even as stock markets around the world, including Hong Kong, tumbled yesterday.
Legend Holdings, the parent of the world's largest PC maker Lenovo Group (0992), ended 0.07 percent, or three HK cents, lower at HK$42.95, as jitters over a possible Greece exit of the euro zone battered sentiment.
Lenovo Group, of which Legend holds 30.6 percent, slumped 5.67 percent, becoming the worst-performing blue chip of the day.
"Our stock may see ups and downs but we don't care much about that," said Legend chairman Liu Chuanzhi during the listing ceremony yesterday. "What we care about is to make our future revenue and profit worthy of the long-term investors."
Legend shares hit an intraday high of HK$43.55 and a bottom of HK$42.85, generating a total trading volume of HK$2.7 billion. Liu, who hit the gong for the second time after the listing of Lenovo in 1994, said he chose Hong Kong again because it was a well- regulated and transparent market and he expects Legend's long-term profit growth to push up the value of the shares.
Chief executive Zhu Linan said the consumption and services industry remains promising despite China's economic slowdown.
"We believe there are many investment opportunities following the relaxation of policies," he said.
On market rumors that tycoon Li Ka-shing, Tencent Holdings (0700) chairman Pony Ma Huateng and Alibaba Group chairman Jack Ma Yun also subscribed to shares, Liu said he has heard the rumor but is unable to confirm the fact.
Legend raised HK$14.6 billion through the initial public offering, the third highest in the SAR this year.
Source: The Standard HK