Refile: UPDATE 1-Two Hong Kong IPO debutants sink 15% as mood remains negative

Chenqi Technology

10/07/2024 03:30

(Corrects to Wednesday, not Tuesday, in first two paragraphs)
    By Scott Murdoch and Donny Kwok
       SYDNEY, July 10 (Reuters) - Two Chinese companies sunk
by 15% in their Hong Kong initial public offerings (IPO) debuts
on Wednesday, while a small Chinese petroleum refiner soared
nearly 30% as sentiment towards new share sales in the city
remains volatile. 
    Chenqi Technology  9680.HK  opened down 14.3% and Shanghai
Voicecomm  2495.HK  sunk 15.4% in early trade on Wednesday. 
    Ruichang International  1334.HK , which raised just HK$131.1
million ($16.78 million), found support, though, with its shares
trading as high as HK$1.35 each compared to HK$1.05 in the IPO. 
    The Hang Seng Index  .HSI  was up 1.3% and tech index
 .HSTECH  rose 2.1% on Tuesday. 
    Chenqi raised HK$1.01 billion ($129 million) and Shanghai
Voicecomm raised HK$664.02 million ($85.0 million), according to
their respective regulatory filings. 

        ($1 = 7.8116 Hong Kong dollars)

 (Reporting by Scott Murdoch in Sydney and Donny Kwok in Hong
Kong; Editing by Tom Hogue)
 ((Scott.Murdoch@thomsonreuters.com;))