HONG KONG (Reuters) – Shares in Chinese social media giant Weibo Corp opened 6.1% below their issue price in the debut of its secondary listing on the Hong Kong Stock Exchange on Wednesday.
Weibo, which raised $385 million, opened at $256.20 after pricing its shares at HK$272.80, dipping to as low as $254.
The negative debut comes despite a 4.7% rise in Weibo’s shares in trading on Tuesday in its primary listing in New York.
Weibo has endured a volatile past month, in line with most Chinese stocks listed in the United States.
The U.S administration has made progress on its plans to delist Chinese companies if they do not meet the country’s auditing rules.
Sentiment towards Chinese stocks was also hit last week when Didi Global Inc flagged it would delist from New York and look towards a Hong Kong listing.
(Reporting by Scott Murdoch and Donny Kwok; editing by Richard Pullin)
