Chinese investors evidently took a dim view of a pair of AI-related IPOs on Wednesday, with both shares falling on their first day of trading.
Shanghai Voicecomm Information Technology, a ‘conversational AI’ software company part-owned by Chinese social media firm Baidu, dropped around 11% from its IPO price once trading began in Hong Kong.
Similarly, Tencent-backed robotaxi developer Chenqi Technology was at one point down around 14% from its IPO price.
It comes against a notable reduction in appetite for IPOs in Hong Kong, and globally, in recent years – with Hong Kong seeing a 56% drop in IPO funding last year to HK$46.3 billion.