Woodpecker International, China’s largest home maintenance and repair platform, is reapplying for a Hong Kong listing after a previous attempt failed. The company, boasting impressive early investors and rapid growth, faces challenges in maintaining service quality and navigating a competitive market. Despite a dip in profit, Woodpecker’s second attempt at an IPO comes amidst a strong market rally and a growing demand for online home maintenance services.
Hong Kong’s stock market will no longer close for typhoon days, aligning with global practices. While this change is expected to have a minor impact on trading volumes, experts believe other measures like lowering taxes will be more effective in attracting investors and boosting market activity.
The Hang Seng Index experienced a significant 0.5 percent increase, reaching a five-month high of 17,290.08 as of 10.05 am local time. The Hang Seng Tech Index also saw a modest gain of 0.2 percent, while the Shanghai Composite Index witnessed a slight decline of 0.1 percent. This surge in the Hang Seng Index reflects a positive sentiment among investors, with global funds reducing their underweight positions in China and increasing their exposure to the market. The return of mainland investors through the stock connect program further contributed to the upward momentum, as they purchased approximately HK$1.2 billion worth of Hong Kong stocks.
