September 27, 2018 / 4:31 AM / 2 months ago

China Renaissance plunges almost 20 pct on Hong Kong debut

HONG KONG, Sept 27 (Reuters) - Investment bank China Renaissance plunged almost 20 percent on its Hong Kong stock market debut on Thursday, becoming the latest Chinese listing in the city to trade below its IPO price and potentially weigh on upcoming flotations.

China Renaissance, led by Bao Fan, one of the country’s most famed rainmakers, fell to a low of HK$25.60 ($3.28) after opening at HK$31.80, its initial public offering (IPO) price. Shares were last trading at HK$26.90, a 15.4 percent drop.

Hong Kong IPOs have performed poorly this year, buffeted in part by market jitters over a worsening Sino-U.S. trade war.

Chinese online food delivery-to-ticketing services firm Meituan Dianping gained 5 percent on its debut last week but is now trading below its IPO price, while hotpot chain Haidilao, which began trading on Wednesday, also dropped below its issue price on Thursday. ($1 = 7.8112 Hong Kong dollars) (Reporting by Julia Fioretti; Editing by Muralikumar Anantharaman)

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