Chinese automation equipment maker RoboTechnik Intelligent Technology (3757) fell as much as 8.5 percent in its Hong Kong trading debut on Tuesday, after raising HK$5.18 billion 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 percent at HK$402.20.
The broader market was also weaker, with the Hang Seng Index falling 0.4 percent and the Hang Seng TECH Index down 1 percent.
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 US$46.54 billion (HK$363 billion) so far this year, a 94.3 percent jump from a year earlier, LSEG data showed.
Chinese printed circuit board maker Shenzhen Kinwong Electronic (3228) opened 7 percent lower at HK$65, versus its HK$69.88 offer price, after raising HK$5.1 billion. The stock was last up 1.2 percent at HK$70.70.
Specialty chemicals and semiconductor materials maker Red Avenue New Materials (9607) opened 9.1 percent lower at HK$40 versus its HK$44 offer price, after raising about HK$3 billion.
Robotics technology company Direct Drive Tech (6731) opened 4.1 percent higher at HK$22.48, versus its HK$21.60 offer price, after raising HK$1.08 billion.
Staff reporter and Reuters
