By Gina Lee

Investing.com – Weibo Corp (HK:) on Tuesday, with investor caution amid China’s regulatory crackdown on the internet sector set to continue.

The shares were traded at HK$254.2 ($32.6) in 10:58PM ET (3:30 AM GMT), after having fallen to HK$253.6 earlier during the session. The offering raised $385million for the Chinese social media company.

Goldman Sachs Group Inc. was a joint sponsor along with Credit Suisse Group AG and Citic Securities Company.

Despite Weibo’s weak debut comes, global technology shares are enjoying a recent rebound as China pledged to increase economic support as the economy continues its recovery from COVID-19. Investor sentiment was also elevated by the possibility that the new Omicron COVID-19 version will have an impact on global economic recovery.

Weibo’s U.S. shares (NASDAQ:) were up 4.69% to $33.48 at the end of Tuesday’s session, halting a four-day fall.

Weibo’s Hong Kong debut compares with a 15% average gain on the first session for 52 Chinese companies that started trading in the city in 2021 after raising more than $100 million each, according to Bloomberg data.

“China’s internet sector will continue to be weighed by regulatory uncertainty in 2022 after the rapid and broad-reaching moves by authorities in 2021 across a wide spectrum of companies,” Bloomberg Intelligence analyst Matthew Kanterman said in a note.

“The increased threat of delisting of U.S. shares by both U.S. and Chinese regulators as well as the broader regulatory overhang may keep valuations depressed,” the note added.

Sina Corp., NASDAQ:) Corp. founded Weibo (in 2009) and has quickly grown to millions of registered users. They post 140 character messages. The Twitter Inc (NYSE :).-liked) Company listed on Nasdaq’s board in 2014.