Inke shares surge in Hong Kong IPO

Inke, a livestreaming app in Chinese mainland, launched an initial public offering in Hong Kong on Thursday with CEO Feng Yousheng attending the opening ceremony, Sina Finance reported.

Inke shares opened higher by 12.21 percent at HK$4.32. Its shares traded at HK$4.45 at 11:20 am.

Inke is selling 302.34 million shares at HK$3.85 each, and raising HK$1.05 billion. These new shares are equivalent to 15 percent of total share capital and value the company at HK$7.76 billion.

On Wednesday, the company's shares opened at HK$3.85 on automated electronic platforms, equal to the offer price, and ended at HK$4.01, up 4.16 percent from the IPO price, according to PhillipMart, the pre-listing trading platform of Phillip Securities in Hong Kong.