Nov 5 (Reuters) - Shares of Chinese electric vehicle maker Seres Group , the EV partner of technology firm Huawei (HWT.UL), fell as much as 7.2% in the company's Hong Kong Stock Exchange debut on Wednesday after it raised $1.84 billion in a listing.
Seres Group, already listed in Shanghai, sold 108.6 million shares at HK$131.50 each in the deal where the initial number of shares was increased during the bookbuilding process due to strong demand.
The stock started trading at HK$128.9, but fell to as low as HK$122 before recovering to trade at HK$125.30, down 4.7%. Seres's Shanghai-listed shares were down 5%.
Hong Kong's Hang Seng Index was flat after initially trading in negative territory earlier Wednesday.
Tech stocks across Asia initially fell sharply on Wednesday, dragging markets lower after Nasdaq Composite slipped by more than 2% on Tuesday on fears valuations were becoming stretched. Sentiment began to improve across key regional markets later in the day, as investors played down those valuation concerns.
The retail portion of Seres' listing was nearly 133 times oversubscribed while the institutional tranche was about 9 times oversubscribed, according to the company's regulatory filings.
Hong Kong has overtaken New York and Nasdaq as the global top venue for new listings, excluding special purpose acquisition companies this year, according to LSEG data, with a total of $31.2 billion raised so far, nearly tripling the listing value from the same period in 2024.
Chinese autonomous driving firms Pony AI and WeRide shares will start trading in Hong Kong on Thursday after the two firms raised a combined $1.2 billion in separate listings.
Reporting by Scott Murdoch in Sydney; Editing by Muralikumar Anantharaman and Tomasz Janowski
Source: Reuters