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Weibo wobbles on Hong Kong stock market debut

Published: 09:55 08 Dec 2021 GMT

Weibo Corp

Weibo Corp made a disappointing debut on the Hong Kong stock market after shares in the Chinese social media giant dropped 7.2% on the first day of trading.

Shares in the Chinese equivalent of Twitter closed at 253.20 Hong Kong dollars (£24.5) compared with the initial public offering price of 272.80 Hong Kong dollars.

Weibo was the latest Chinese company to have a secondary listing in Hong Kong in addition to a listing in the US where its shares have lost a quarter of their value since the start of this year.

Beijing has recently cracked down on Chinese firms listed in the US, while the US Securities and Exchange Commission has introduced rules that mean foreign companies listed in the US can be automatically delisted if they fail to comply with requests for information. 

Didi Global, the Chinese ride-hailing app, intends to de-list from the New York Stock Exchange, just months after its initial public offering (IPO).  

READ: Taxi for Didi as it plans swift US exit

The SEC said just last week that Chinese companies listed in the US must disclose whether they are owned or controlled by a government body and to allow the US stock market regulator to inspect the auditors of these companies.

 

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