Meitu Shares Fizzle in Hong Kong Trading Debut

(Beijing) — Shares of beauty app operator Meitu slumped in their trading debut, capping a lackluster performance for Hong Kong's biggest initial public offering (IPO) by a China internet company in a decade.

Meitu shares were trading at HK$8.45 ($1.09) late in the morning session in Hong Kong, slightly below their IPO price of HK$8.50. The stock priced on Wednesday at the bottom of its range, indicating weak investor demand as the company raised HK$4.7 billion.