Nongfu Spring’s bottled water in a supermarket in Hangzhou, China.
Costfoto | Barcroft Media | Getty Images
SINGAPORE — Shares of Chinese bottled water giant Nongfu Spring surged more than 85% in their debut on the Hong Kong stock market on Tuesday.
The stock opened at 39.80 Hong Kong dollars per share ($5.14) before inching down to around 35.00 Hong Kong dollars ($4.52). Its initial public offering price was 21.50 Hong Kong dollars ($2.77), allowing the company to raise around $1.1 billion.
Dickie Wong, executive director of Kingston Securities, told CNBC’s “Squawk Box Asia” that Nongfu Spring was “one of the hottest IPO ever” in the history of Hong Kong’s stock market. He pointed out…