stocks debut in Hong Kong – .

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stocks debut in Hong Kong – .


Weibo booth at the ChinaJoy Entertainment Expo in Shanghai, China on August 1.
Coûtphoto | Barcroft Averages | Getty Images
Weibo’s Hong Kong-listed stocks opened 6% lower on their trading debut on Wednesday.
The shares opened at 256.20 Hong Kong dollars ($ 32.85) each from an offer price of 272.80 Hong Kong dollars ($ 34.98).

This is a secondary listing for the Chinese social media giant, which has raised around $ 385 million.

The main listing is on the Nasdaq in the United States, where the stock rose 4.69% during the overnight session.

Weibo’s secondary listing comes as Chinese rideshare giant Didi announced last week that it would be pulling off the New York Stock Exchange and considering listing in Hong Kong.

Chinese regulators have reportedly been unhappy with Didi’s decision to register with the United States without first addressing outstanding cybersecurity issues. Regulators have asked company executives to come up with a delisting plan for the United States over concerns over data leaks, according to reports.

Didi is China’s largest ridesharing app and has a large volume of data on travel routes and users.
Weibo is the latest Chinese internet company to secondary listing in Hong Kong.

Others have done so in recent years, including search engine giant Baidu, e-commerce giant Alibaba, rival JD.com as well as games company NetEase.

It’s been a wild ride over the past year for China’s tech sector. Regulators have tightened their control over companies in a move that has erased billions of dollars from their market value. Meanwhile, Beijing continues to push for technological self-sufficiency.

CNBC’s Weizhen Tan contributed to this report.

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