Economic news

Two Hong Kong IPO Debutants Sink 15%, Mood Remains Negative

SYDNEY, July 10 (Reuters) - Two Chinese companies sunk by 15% in their Hong Kong initial public offerings (IPO) debuts on Wednesday, while a small Chinese petroleum refiner soared nearly 30% as sentiment towards new share sales in the city remains volatile.

Chenqi Technology opened down 14.3% and Shanghai Voicecomm sunk 15.4% in early trade on Wednesday.

Ruichang International, which raised just HK$131.1 million ($16.78 million), found support, though, with its shares trading as high as HK$1.35 each compared to HK$1.05 in the IPO.

The Hang Seng Index was up 1.3% and tech index rose 2.1% on Tuesday.

Chenqi raised HK$1.01 billion ($129 million) and Shanghai Voicecomm raised HK$664.02 million ($85.0 million), according to their respective regulatory filings.

($1 = 7.8116 Hong Kong dollars)

Reporting by Scott Murdoch in Sydney and Donny Kwok in Hong Kong; Editing by Tom Hogue

Source: Reuters


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