Weibo Posts Loss in Hong Kong Debut Amid Tech Stock Turmoil

Chinese social media giant Weibo Corp.’s shares flopped in their Hong Kong debut Wednesday, joining a host of major dual-listed tech giants whose stock prices have been hammered this week in the wake of ride-hailing platform Didi’s decision to abandon its U.S. listing.

Shares of the Alibaba-backed Weibo, which raised about HK$3 billion ($385 million) in its Hong Kong secondary listing, opened 6.1% below the offering price of HK$272.80, and slid further to close down 7.2% at the end of trade.