Chinese automation equipment maker RoboTechnik Intelligent Technology fell as much as 8.5% in its Hong Kong trading debut on Tuesday, after raising HK$5.18 billion ($660.35 million) in its share sale.
The stock dropped to as low as HK$399, compared with its offer price of HK$436, after opening at HK$419.60. It was last down 7.8% at HK$402.20.
The broader market was also weaker, with the Hang Seng Index falling 0.4% and the Hang Seng TECH Index down 1%.
RoboTechnik was one of four companies to start trading in Hong Kong on Tuesday, in a test of investor appetite for new share offerings amid a revival in the city’s IPO market.
Hong Kong IPOs, including secondary listings, have raised $46.54 billion so far this year, a 94.3% jump from a year earlier, LSEG data showed.
Chinese printed circuit board maker Shenzhen Kinwong Electronic opened 7% lower at HK$65, versus its HK$69.88 offer price, after raising HK$5.1 billion. The stock was last up 1.2% at HK$70.70.
Specialty chemicals and semiconductor materials maker Red Avenue New Materials Group opened 9.1% lower at HK$40 versus its HK$44 offer price, after raising about HK$3 billion.
Robotics technology company Direct Drive Tech opened 4.1% higher at HK$22.48, versus its HK$21.60 offer price, after raising HK$1.08 billion.
Reuters
