China's AI solution group Qingdao AInnovation plunges in Hong Kong debut

Ainnovation Technology

27/01/2022 04:51

** Shares of China's AI solutions provider Qingdao
AInnovation Technology Group Co Ltd  2121.HK  fall to a low of
HK$19.66 in Hong Kong debut, down 25.2% from the global offering
price
    ** Stock last at HK$20.30, still 22.8% below the offer price
of HK$26.30 apiece; among the 20 most actively traded by
turnover 
    ** Tech giants listed in Hong Kong slump, tracking their
Wall Street-listed peers, after the U.S. Federal Reserve
chairman signalled plans to steadily tighten policy  urn:newsml:reuters.com:*:nL1N2U705O
    ** The Hang Seng sub-index tracking information technology
firms  .HSCIIT  plunges 5.02% and the Hang Seng Tech Index
 .HSTECH  drops 4.5%
    ** Beijing-based AInnovation sold 44.74 mln shares at
HK$26.3 apiece in its global offering, raising HK$1.18 bln
($151.49 mln) to enhance R&D and commercialisation capabilities,
for acquisitions and to upgrade information infrastructure
 urn:newsml:reuters.com:*:nFWN2TW00A
    ** The Hang Seng Composite Index  .HSCI  falls 2.8% and the
benchmark Hang Seng Index  .HSI  declines 2.6%
($1 = 7.7894 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))