China Fintech Firm Falls 16% in Worst Hong Kong Debut Since 2018
- Fintech firms under scrutiny as Beijing crackdowns on sector
- Listing is second this week in financial hub to disappoint
This article is for subscribers only.
Chinese fintech firm Bairong Inc. slumped on its debut in Hong Kong, the second listing in the financial hub this week to disappoint following a global selloff in China’s technology sector.
Shares of the artificial intelligence-powered technology platform closed 16% lower on Wednesday, making it the worst debut among IPOs exceeding $500 million in Hong Kong in three years. The company had priced its shares at HK$31.80 each in the IPO offering, the high end of its indicated range.