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Weibo shares 6% below issue price at launch of trading in Hong Kong

Illustration of the Chinese social networking app Weibo
FILE PHOTO: The logo of the Chinese social networking app Weibo is seen on a mobile phone in this illustration photo taken December 7, 2021. REUTERS / Florence Lo

December 8, 2021

HONG KONG (Reuters) – Shares in Chinese social media giant Weibo opened 6.1 percent lower than its issue price in its initial secondary listing on the Hong Kong Stock Exchange on Friday. Wednesday.

Weibo, which raised $385 million, opened at $256.20 after valuing its shares at HK$272.80, falling as low as $254.

The negative debut comes despite Weibo’s shares rising 4.7% in Tuesday’s trading in its first listing in New York.

Weibo has had a tumultuous month, in line with most US-listed Chinese stocks.

The US administration has made progress on a plan to delist Chinese companies if they fail to meet the country’s auditing rules.

Sentiment towards Chinese stocks also took a hit last week when Didi Global Inc announced it would delist from New York and head towards a listing in Hong Kong.

(Reporting by Scott Murdoch and Donny Kwok; editing by Richard Pullin)

https://www.oann.com/weibo-shares-slip-6-below-issue-price-in-hong-kong-trading-debut/?utm_source=rss&utm_medium=rss&utm_campaign=weibo-shares-slip-6-below-issue-price-in-hong-kong-trading-debut Weibo shares 6% below issue price at launch of trading in Hong Kong

Bobby Allyn

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