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Shares of Luxshare Precision Industry (2475) led losses among IPO debutants in Hong Kong on Thursday, after the Chinese electronics maker raised HK$24.27 billion ($3.10 billion) in the city's biggest listing so far this year.
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The stock dropped as much as 9.6 percent to a low of HK$57.2 versus its offer price of HK$63.28. It was last traded at HK$60.3 per share.
The listing overtakes Victory Giant Technology Huizhou, which raised HK$20.1 billion in April, as Hong Kong's biggest IPO so far this year.
Luxshare's debut adds to a rush of Chinese technology and advanced manufacturing firms raising money in Hong Kong, as revived markets help companies fund expansion and research in areas from electronics and chips to artificial intelligence.
Knowledge Atlas Technology (2513), also known as Zhipu AI, launched a roughly $4 billion Hong Kong share placement on Wednesday, while chipmaker Nexchip Semiconductor priced its Hong Kong listing this week to raise about HK$6.98 billion.
The fundraising also comes at a time when Hong Kong faces a record wave of lock-up expirations after a strong first half for new listings.
Beyond Luxshare, there were six other Hong Kong debutants on Thursday.
Electronic test equipment maker Rigol (0537) fell 18.7 percent at the open to HK$37.36, versus its offer price of HK$45.98. Circuit-board tool maker Guangdong Dtech Technology (1377), also known as Dtech, fell 13.2 percent to HK$330, compared to its offer price of HK$380. E-paper display maker DKE (1770) slid 1.9 percent from its offer price of HK$78.64 to HK$77.15.
Food company Qiyunshan Food (2797) surged nearly threefold to HK$21.6 per share, while Rokae Robotics (3752) and ceramic electronic parts maker CCTC (6951) were slightly higher.
Reuters and staff reporter
