Chinese spirit maker ZJLD slumps 17% in Hong Kong debut (updated)

ZJLD

27/04/2023 02:41

(Adds ZJLD and Hang Seng opening)
       SYDNEY, April 27 (Reuters) - Chinese spirit maker ZJLD
Group's  6979.HK  shares opened 17% lower in their trading debut
on Thursday, after it completed the largest new share sale in
Hong Kong this year.
    The KKR-backed company raised $675.2 million in its IPO last
week which was the biggest new share sale in Hong Kong since
CALB Group Co  3931.HK  raised $1.3 billion in October.
    ZJLD shares opened at HK$9 compared to the issue price of
HK$10.82 each. Hong Kong's Hang Seng Index  .HSI  was down 0.1%
in early trade.
    The IPO price was at the lower end of the HK$10.78 to
HK$12.98 per share range indicated to investors when the deal
was launched.
    ZJLD produces baijiu, the clear distilled spirit popular
across China. The drink is considered China's national liquor
and is the world's most consumed liquor, according to ZJLD's
prospectus.

 (Reporting by Scott Murdoch; Editing by Jacqueline Wong and
Muralikumar Anantharaman)
 ((Scott.Murdoch@thomsonreuters.com;))