Shares of Chinese electric vehicle maker Seres Group, the EV partner of technology firm Huawei, fell almost 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, while Hong Kong’s Hang Seng Index was down 1.3% early on Wednesday.
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.
Reuters
