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Closely watched China Renaissance IPO crumbles in first day of trade

Closely watched China Renaissance IPO crumbles in first day of trade

Finance
Hot on the heels of Chinese hotpot chain Haidilao's debut yesterday, Hong Kong Exchanges and Clearing held another highly anticipated initial public offering with the debut of investment bank China Renaissance. The company, which counts Alibaba-affiliated payments giant Ant Financial as one of its cornerstone investors, was expected to raise approximately $ 346 million after pricing at 31.80 Hong Kong dollars (approximately $ 4.07) per share. As of the market close at 4 p.m. HK/SIN, China Renaissance's stock was at 24.7 Hong Kong dollars per share, falling approximately 28.7 percent from the debut price. ...