Eacon Intelligent Driving Shares Swing in Futu Grey Market Ahead of HK Listing

Eacon Intelligent Driving (07687.HK), billed as the first global autonomous-driving mining-area company to list, saw a sharp V-shaped move in Futu's grey market ahead of its Hong Kong debut, according to 36Kr. As of the grey-market close at 6:30 p.m. on July 7, the stock was at HK$91.50, up 4.07% from its IPO price of HK$87.92. The shares opened at HK$82.70, about 5.9% below the offer price, fell to an intraday low of HK$71.00 (down 19.2%), then rebounded to a high of HK$92.70 before closing at HK$91.50. The session's swing was 24.68%. Average traded price was HK$87.07, slightly below the offer price, with turnover of about HK$94.07 million and a turnover rate of 0.73%. Eacon priced at the top of its range, implying an IPO market cap of about HK$13.0 billion on 148 million shares outstanding. Based on its 2025 revenue of RMB 1.435 billion, 36Kr calculated a price-to-sales multiple of about 8.2x at the grey-market close. The company remains loss-making. Eacon is scheduled to start official trading on July 8.