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Chabaidao’s stock ended the day 27 per cent lower after slumping as much as 38 per cent. It raised about HK$2.6 billion (US$331.7 million) from the sale of 147.8 million shares at HK$17.50 each.
China’s stockbrokers took another pay cut in 2023 as the double whammy of a slumping equities market and a government crackdown on corporate extravagance eroded the incomes of financial workers. Things don’t look much better this year, one fund manager says.
The People’s Bank of China announced on Saturday that Alipay.com Co has no controller, paving the way for owner Ant Group’s IPO.
Initial public offerings (IPO) volumes at the Beijing Stock Exchange (BSE) have suffered the least after authorities restricted new share sales on the three mainland bourses this year, reflecting investors confidence in government support for the country’s newest and best performing equity market.
Dual-listed Chinese companies traditionally command higher valuations for their shares on domestic exchanges than their own shares listed in Hong Kong. That premium, currently close to the highest in 13 months, is expected to widen next year on policy tailwinds, analysts said.