China's RoboTechnik falls in Hong Kong debut, other new comers mixed

HONG KONG, Sept 29 — Chinese automation equipment maker RoboTechnik Intelligent Technology ​fell as much as 8.5% in its Hong Kong trading debut on Tuesday, after raising HK$5.18 billion ($660.35 ‌million) in its share sale.

The stock dropped to as low as HK$399, ⁠compared with its offer ​price of HK$436, after ⁠opening at HK$419.60. It was last down 7.8% at ‌HK$402.20.

The broader market ‌was also weaker, with the Hang Seng Index ⁠falling 0.4% and the Hang ⁠Seng TECH Index down 1%.

RoboTechnik was one of four companies to start trading in Hong Kong on Tuesday, in a test of investor appetite for new share offerings amid a revival in the city's ‌IPO market.

Hong Kong IPOs, including secondary ​listings, have raised $46.54 billion so far this year, a 94.3% jump from a year earlier, LSEG data showed.

Chinese printed circuit board maker Shenzhen Kinwong Electronic opened 7% lower at HK$65, versus its HK$69.88 offer price, after raising HK$5.1 billion. The stock was last up ​1.2% at HK$70.70.

Specialty chemicals and semiconductor materials maker Red ‌Avenue New Materials ‌Group ⁠opened 9.1% lower at HK$40 versus its HK$44 offer price, after raising about HK$3 billion.

Robotics technology company Direct Drive Tech opened 4.1% higher at HK$22.48, versus its HK$21.60 ‌offer price, after raising ​HK$1.08 billion.

($1 = 7.8443 Hong Kong ‌dollars)

(Reporting by Yantoultra ⁠Ngui and ​Donny Kwok in Hong Kong; Editing by Thomas Derpinghaus and ​Subhranshu Sahu)

Related topics