AI group Mobvoi drops in Hong Kong debut

Mobvoi

24/04/2024 04:47

** Stock of artificial intelligence (AI) technology
developer Mobvoi  2438.HK  fall 21.6% from IPO price to as low
as HK$2.98 in Hong Kong debut
    ** Stock last trading at HK$3.09, still down 18.9% from the
IPO price of HK$3.80/share
    ** Mobvoi is the third debut in Hong Kong this week,
following tea shop chain Sichuan BaiCha BaiDao  2555.HK  and
Tianjin Construction  2515.HK  Tuesday, which fell 26.9% and
39.2% respectively
    ** BaiCha BaiDao drops another 11.7% on Wednesday
    ** Mobvoi sold 84.57 mln shares in IPO, raising HK$321.4 mln
($41 mln) to enhance its modeling technology, solution
development, to fund investments and acquisitions
    ** Alphabet's  GOOGL.O  Google holds 12.51% stake in Mobvoi
after the listing
    ** HongShan, an indirect unit of HongShan Capital Venture
Fund, owns 10.30% while Goertek  002241.SZ  holds 9.46%
    ** "Its IPO market had a slow start in Q1 2024 without
recording any mega or large listings against a backdrop of a low
valuation environment" - Deloitte

($1 = 7.8349 Hong Kong dollars)

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