Two Hong Kong IPO debutants sink 15% as mood remains negative

TWO Chinese companies sunk by 15 per cent in their Hong Kong initial public offerings (IPO) debuts on Wednesday (Jul 10), while a small Chinese petroleum refiner soared nearly 30 per cent as sentiment towards new share sales in the city remains volatile.

Chenqi Technology opened down 14.3 per cent and Shanghai Voicecomm sunk 15.4 per cent in early trade on Wednesday.

Ruichang International, which raised just HK$131.1 million (S$22.6 million), found support, though, with its shares trading as high as HK$1.35 each compared to HK$1.05 in the IPO.

The Hang Seng Index was up 1.3 per cent and tech index rose 2.1 per cent on Tuesday.

Chenqi raised HK$1.01 billion and Shanghai Voicecomm raised HK$664.02 million, according to their respective regulatory filings.