Shares of AuGroup (SHENZHEN) Cross-Border Business Co Ltd. (HKG:2519) plummeted 16.54% on their first day of trading in Hong Kong, closing at HK$13.00 on Thursday, November 8th.
The online retailer had raised HK$387.5 million in its initial public offering (IPO) earlier this week, pricing its shares at HK$15.60 apiece. However, the company's stock faced significant selling pressure right from the opening bell, slumping over 11% to HK$13.88 at the start of trading.
The disappointing debut marks a rocky start for AuGroup's public listing in Hong Kong, with investors potentially concerned about the company's valuation or seeking to lock in profits after the IPO price pop. While the specific reasons behind the selloff remain unclear, the lackluster performance highlights the challenges faced by newly listed companies in attracting and retaining investor interest in the volatile market environment.
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