shares make their Hong Kong debut

Weibo sales space at ChinaJoy Leisure Expo in Shanghai, China, Aug. 1.

Costfoto | Barcroft Media | Getty Photos

Hong Kong-listed shares of Weibo opened 6% decrease of their buying and selling debut on Wednesday.

Shares opened at 256.20 Hong Kong {dollars} ($32.85) a chunk in comparison with a proposal value of 272.80 Hong Kong {dollars} ($34.98).

It’s a secondary itemizing for the Chinese language social media big, which raised roughly $385 million.

The principle itemizing is on the Nasdaq within the U.S., the place the inventory rose 4.69% within the in a single day session.

Weibo’s secondary itemizing comes as Chinese language ride-hailing big Didi final week stated it can delist from the New York Inventory Change, and make plans to listing in Hong Kong.

Chinese language regulators had been reportedly sad with Didi’s choice to listing within the U.S. with out first resolving excellent cybersecurity points. Regulators instructed the agency’s executives to give you a plan to delist from the U.S. as a consequence of considerations round knowledge leakage, in accordance with reviews.

Didi is China’s largest ride-hailing app and owns a big quantity of information on journey routes and customers.

Weibo is the newest Chinese language web firm to do a secondary itemizing in Hong Kong.

Others which have executed so in recent times embrace search engine big Baidu, e-commerce behemoth Alibaba, its rival in addition to gaming agency NetEase.

It has been a wild experience over the previous yr for China’s expertise sector. Regulators tightened their scrutiny on firms in a transfer that wiped billions of {dollars} off their market worth. In the meantime, Beijing continues to push for technological self-sufficiency.

CNBC’s Weizhen Tan contributed to this report.

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