HK Stock Market Move | New stocks HERBS GROUP (02593) fell more than 8% in midday trading to hit a new low, down nearly 40% from its IPO price.

The newly listed stock HERBS GROUP (02593) fell more than 8% during trading, hitting a low of 2.28 Hong Kong dollars, continuing to set a new low since its listing, breaking nearly 40% below the offering price of 3.75 Hong Kong dollars. As of the time of writing, it has fallen by 6.83%, at 2.32 Hong Kong dollars, with a trading volume of 3.1614 million Hong Kong dollars. It is reported that HERBS GROUP is a diversified healthcare and beauty products supplier rooted in Hong Kong for more than twenty years, using a multi-channel sales model, focusing on the development, sales, and marketing of its own brand products. Currently, HERBS GROUP operates a total of eight own brands. It is worth mentioning that HERBS GROUP was formerly known as New England, founded in 1999 by TVB Hong Kong star Kenneth Kwok and his sister, along with an independent third party (who later exited in October 2000). In terms of performance, in the first half of 2024, HERBS GROUP's revenue decreased by about 3% year-on-year to 118 million Hong Kong dollars, compared to 122 million Hong Kong dollars in the same period last year; net profit also dropped from 18.3 million Hong Kong dollars in the same period last year to 7.5 million Hong Kong dollars. The company stated that this was mainly due to expenses of 9.9 million Hong Kong dollars generated from the listing.