Shares in Chinese social media giant Weibo Corporation opened 6.1% below their issue price at the start of its secondary listing on the Hong Kong stock exchange on Wednesday.
Weibo, which raised $385 million, opened at HK$256.20 after pricing its shares at HK$272.80, dipping to HK$254 in afternoon trading.
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 US.
Washington 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 flagged it would delist from New York and look towards a Hong Kong listing.
- Reuters with additional editing by Kevin Hamlin
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