Trading under the code 2050, the stock began trading at HK$20.95, 7.2 per cent lower than its offer price of HK$22.53
Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls had a tepid trading debut in Hong Kong on Monday, with investors selling shares following the initial public offering (IPO) frenzy.
Trading under the code 2050, the stock began trading at HK$20.95 amid a declining market, 7.2 per cent lower than its offer price of HK$22.53, in an upsized offering that raised HK$9.3 billion (US$1.2 billion).
Sanhua’s lack-lustre debut was the first decline in the four billion-dollar stock listings in Hong Kong this year, where mainland-listed companies sold H shares in Hong Kong in the so-called A-to-H listing trend.
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