Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
September 30, 2022: -Leapmotor and Onewo, among Hong Kong’s most extensive completed initial public offerings of the year, came down on their first day of trade in the city.
Chinese EV maker, Leapmotor’s shares are coming down nearly 41.6% from its offer price of 48 Hong Kong dollars ($6.11) for each share to 28.05 Hong Kong dollars at session lows. The stock recovered but closed 33.5% lower at 31.90 Hong Kong dollars in the later session.
Shares of Onewo decreased 7.9% from their offer price of 49.35 Hong Kong dollars ($6.29) per share in the trade. Later, the stock slid as low as 42.05 Hong Kong dollars prior to staging a recovery in the last hour. It ended at 46 Hong Kong dollars, 6.79% lower.
The change occurred after the companies’ shares reportedly fell in grey market trading the previous day.
The broader Hang Seng index was previously 1.49%.
The retail tranche of shares for both public offerings was undersubscribed, according to their respective filings. Around 82% of Onewo’s claims for the local market were bought, and only 16% of Leapmotor were purchased.
Unsold shares were allocated to international buyers.
Onewo, a subsidiary of the developer China Vanke, increased by 5.6 billion Hong Kong dollars ($713.5 million), while Leapmotor increased by 6.06 billion Hong Kong dollars ($771.7 million).
Data from the Hong Kong Exchange (HKEX) indicate there were 48 recent listings in Hong Kong from January to August 2022, raising a total of 56 billion Hong Kong dollars ($7.1 billion), a steep decrease from the same period in the previous year, in which there were 69 recent listings that raised 271.4 billion Hong Kong dollars.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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