China's Zhihu shares slump 22% in Hong Kong debut (updated)
22/04/2022 02:47
(Adds Hang Seng opening and deal detail)
By Scott Murdoch and Donny Kwok
April 22 (Reuters) - Zhihu Inc 2390.HK shares tumbled
22.2% on Friday as the Chinese firm debuted its primary dual
listing on the Hong Kong Stock Exchange.
The Chinese question and answer website, similar to Quora
Inc, raised $106 million by pricing its shares at HK$32.06 a
piece.
Zhihu sold 26 million secondary shares in the deal to become
the latest U.S.-listed Chinese company to press ahead with a
listing closer to its home market.
Zhihu shares debuted at HK$24.95, with Hong Kong's Hang Seng
Tech Index .HSTECH down 3% in early trade.
The New York-listed shares were up 0.6% on Thursday but
remain down 70% so far in 2022.
Two of the company's listed depository receipts equal one
Hong Kong share, according to its regulatory filings for the
listing.
Zhihu's Hong Kong listing comes amid an increasing number of
U.S.-listed Chinese firms going public in Hong Kong, as the
regulatory stand off between Beijing and Washington over U.S.
access to Chinese companies' audited accounts shows no signs of
ending.
(Reporting by Scott Murdoch and Donny Kwok;
Editing by Shri Navaratnam and Muralikumar Anantharaman)
((donny.kwok@thomsonreuters.com; +852 2843 6470;))