Changes in Hong Kong stocks | Tongcheng New Materials (09607) rebounded more than 6% the day after listing, and the actual controller plans to increase the holdings of up to 13 million H shares

The Zhitong Finance App learned that Tongcheng New Materials (09607) rebounded more than 6% the day after listing. As of press release, it had risen 5.05% to HK$42, with a turnover of HK$27.521,400.

According to the news, Tongcheng Xincai announced that the actual controller and chairman, Zhang Ning, plans to increase the company's H shares through centralized bidding through the Hong Kong Stock Exchange system within 12 months from September 30, 2026, using its own capital or self-raised capital. The increase in holdings ranges from 6.5 million shares to 13 million shares. The current holdings increase plan does not set a price range; it will take the opportunity to implement the holdings increase plan based on the company's stock price fluctuations and overall capital market trends.

Tongcheng New Materials was officially listed on the Hong Kong Stock Exchange on September 29, closing down more than 9% on the first day of listing. According to reports, the company's business covers three divisions: rubber additives for tires and other chemical products, electronic materials, and fully biodegradable materials. On the day before listing, Phillip had an extreme offer of HK$0.985 in the dark market, which collapsed by about 98% compared to the issue price. Market analysts said a “bad luck” situation was possible.