Shares in China Renaissance, a specialist investment bank backed by an Alibaba affiliate, plunged a fifth during its trading debut, following lacklustre Chinese tech-focused and “new economy” flotations.
The Beijing-based boutique bank saw its stock drop as much as 24 per cent on Thursday, before paring losses and closing down 22 per cent at HK$24.70.
The investment bank, which advises and invests in early stage Chinese technology companies, priced its shares at the low end of its range at HK$31.80 this month, raising about US$322m.
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