Hong Kong’s biggest initial public offering of the year flopped on Tuesday as shares of Chinese bubble tea chain ChaPanda dropped as much as 38 per cent from its listing price in its trading debut.
ChaPanda, also known as Chabaidao, raised almost HK$2.6bn (US$331mn), with shares priced at HK$17.50. The public offering, only 0.5 times subscribed, comes as the city struggles to revive its stock market. Hong Kong’s benchmark Hang Seng index has fallen more than 15 per cent over the past year.
IPOs in Hong Kong raised a total of $604mn in the first three months of this year, down 29 per cent from last year and making it the lowest start to a year by proceeds since 2009, according to data compiled by the London Stock Exchange Group.
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