Eternal Group Debuts on HKEX—but Slips on First Day

Eternal Group, China’s first publicly listed fragrance distributor, opened trading on the Hong Kong Stock Exchange on June 26—but failed to hold its ground. Shares dipped 10.76% by midday to HK$2.57, falling below the IPO price of HK$2.88, signaling a shaky start for the highly anticipated listing.

The IPO generated decent demand, with the public offering 35.84 times oversubscribed and the international tranche oversubscribed by 3.5 times. But that enthusiasm failed to translate into first-day support. The weak debut suggests investor caution runs deeper than short-term hype.<