Luen Wong Group trades at more than 2,000 times its profit
Rival that also soared after IPO later fell 91% in single day
The world’s best-performing new listing this year is a Hong Kong civil-engineering stock soaring for reasons that appear unrelated to its business.
Luen Wong Group Holdings Ltd. jumped 1,438 percent on the first trading day after its April initial public offering and is now 6,715 percent above its offer price. The company, which reported sales of $41 million last year and profit of $1.1 million from projects like laying roads and digging sewers, is today worth $2.9 billion.
