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Leapmotor, Onewo shares open sharply lower in Hong Kong debut

09/28/2022 | 09:51pm EST
FILE PHOTO: HKEX sign is seen at the 2020 China International Fair for Trade in Services in Beijing

HONG KONG (Reuters) -Hong Kong's two largest completed initial public offerings (IPOs) of 2022 worth a combined $1.5 billion opened sharply lower in their listing debut on Thursday, dimming the outlook for a pick up in deal activity for the rest of the year.

Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology's shares opened at HK$41 ($5.22) apiece, down 14.5% from their IPO offering price of HK$48.

The stock then plunged to $HK34.

Shares of Onewo Inc, the property services arm of developer China Vanke Co Ltd, fell more than 7% at open from their IPO price HK$49.35.

Hong Kong's Hang Seng Index opened nearly 2% higher.

($1 = 7.8498 Hong Kong dollars)

(Reporting by Scott Murdoch; Editing by Himani Sarkar)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA VANKE CO., LTD. -0.55% 18.19 End-of-day quote.-0.05%
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