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’s profit, which lays roads and digs sewers, totaled $1.1 million while sales totaled $41 million last year, but is today worth $2.9 billion. This is an unexpected divergence is common in Hong Kong, where many companies are characterized by very small shares in free float, while the engineering companies are in great demand amid the construction boom in China. Securities of Luen Wong Group, apparently, are so much expensive because of the combination of these three factors.

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