By Clarence Leong


China Tourism Group Duty Free Corp.'s stock fell in its market debut in Hong Kong, a tepid response from investors to the city's biggest listing this year amid caution about rising interest rates globally and the economic outlook.

CTG Duty Free's stock opened 24% lower at HK$120.00 in Thursday's afternoon trade but quickly bounced to around its offer price of HK$158.00 a share. It was recently 0.2% lower at HK$157.70. Hong Kong's morning trading session was canceled in due to a typhoon alert.

The travel retailer raised gross proceeds of 16.24 billion Hong Kong dollars (US$2.07 billion) from the listing, which it said will be used to improve supply-chain efficiency, overseas expansion, marketing and working capital, among other usages.

The company's Shanghai-listed stock last traded 1.1% higher at 191.97 yuan (US$27.99), having declined 13% so far this year.

Hong Kong's benchmark Hang Seng Index was 1.4% higher.


Write to Clarence Leong at clarence.leong@wsj.com


(END) Dow Jones Newswires

08-25-22 0137ET