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Weibo shares slip 6% below issue price in Hong Kong trading debut -Breaking

by Mike Robinson

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© Reuters.

HONG KONG (Reuters) — Shares in Chinese social media firm Weibo were 6.1% less than the issue price on Wednesday, when the Hong Kong Stock Exchange launched its secondary listing.

After pricing shares at HK$272.80 and dropping to $254, Weibo opened at $256.20.

However, Weibo shares rose 4.7% in New York trading on Tuesday.

Weibo was volatile in recent months, just like most Chinese stocks in the United States.

Progress has been made by the U.S. administration in its plan to remove Chinese companies from American lists if they don’t meet country auditing standards.

The sentiment toward Chinese stocks was also affected by Didi Global Inc’s announcement last week that they would no longer be listing in New York but instead will look to Hong Kong.

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