Caixin
Jan 14, 2022 06:30 PM
BUSINESS

China Rare-Earth Firm Slumps 17% in Hong Kong Trading Debut

Neodymium is displayed at the Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. factory in Baotou, Inner Mongolia, on May 5, 2010.  Photo: Bloomberg
Neodymium is displayed at the Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. factory in Baotou, Inner Mongolia, on May 5, 2010. Photo: Bloomberg

(Bloomberg) — Shares of China’s JL MAG Rare-Earth Co. dropped as much as 17% in their Hong Kong debut after being sold at the bottom of the marketed range in what is the biggest offering so far this year in the Asian financial hub.

The producer of magnetic rare-earth materials slid to as low as HK$28 ($3.60) on Friday. That’s versus an offer price of HK$33.80 apiece in the sale that raised HK$4.24 billion. The Chinese company is already listed in Shenzhen.

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