HONG KONG :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 per cent 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 per cent at open from their IPO price HK$49.35.
Hong Kong's Hang Seng Index opened nearly 2 per cent higher.
($1 = 7.8498 Hong Kong dollars)