Club Med Owner Sinks on Trading Debut

TRENDING: Moore Threads Plans Hong Kong Listing to Fuel AI Chip Push; Alibaba Opens Qwen Platform to Outside Developers in Push to Build AI-Agent Ecosystem; Cautious Regulators Steer China’s Flying Vehicle Industry to Prioritize Cargo Over Commuters

LATEST: Cautious Regulators Steer China’s Flying Vehicle Industry to Prioritize Cargo Over Commuters; Alibaba Opens Qwen Platform to Outside Developers in Push to Build AI-Agent Ecosystem; Moore Threads Plans Hong Kong Listing to Fuel AI Chip Push; Beyond the Backflips: Unitree Robotics Faces High Expectations Ahead of Shanghai Debut; ByteDance Accepts AI Gap, Sticks With In-House Models; MiniMax Shares Surge After Joining Hong Kong Stock Connect; Chinese Robotics Startup PokeBot Raises Hundreds of Millions of Dollars; U.S. Drafts Ban on Chinese Optical Modules, Exposing Mutual Supply Chain Risks; Alibaba Releases New Qwen Model, Consolidates AI Office Tools; DeepSeek Releases Official V4-Flash Model as China’s AI Race Intensifies; ByteDance, MiniMax Roll Out Upgraded AI-Video Models; Zhongji Innolight Slides in Hong Kong Debut Following $7 Billion IPO; Zhongji Innolight Rebounds After Buyback Plan, Easing Jitters Ahead of Hong Kong Debut; Lenovo Capital Executive Warns of Reckoning for China’s Crowded AI-Powered Robotics Sector; U.S. Takes Aim at Chinese Robot-Makers With Sweeping Import Ban; SK Hynix’s Earnings Miss Adds to Anxiety Over AI Boom; Consumer-Electronics Makers Bet on AI Agents as Phones, Glasses Compete; Moonshot Open-Sources Kimi K3 as U.S.-China AI Tensions Intensify; TikTok Faces New EU Penalty Threat Over Children’s Safety; AgiBot Begins Hong Kong IPO Process as China’s Embodied-AI Startups Race to List

By Yang Ge / Dec 14, 2018 10:46 AM / Business & Tech

Tourists at a Club Med resort in Sanya. Photo: VCG

Fosun Tourism, owner of the popular Club Med resort chain, is fizzling in the trading debut of shares in its Hong Kong IPO.

The company's stock opened down from its IPO price of HK$15.60 when Friday trading began in Hong Kong, and was down 3.7% at about 10:30 a.m. local time.

The weak showing capped a lackluster IPO process, which included a pricing of shares at the bottom of their range.

Fosun, one of China's leading private equity investors, bought a majority stake of Club Med back in 2015 following a bidding war, in a deal that valued the company at nearly 1 billion euros ($1.1 billion).

Share this article

Open WeChat and scan the QR code