Tianqi Lithium Slides Below IPO Price in Hong Kong Debut

What’s new: Shares of Tianqi Lithium Corp. were 3.5% lower than their IPO price as of noon Wednesday on their first trading day in Hong Kong after the firm raised HK$13 billion ($1.67 billion) in the city’s largest listing so far this year.

The Chinese lithium mining giant priced its 164 million new H-shares at HK$82 each. It fell as much as 11% lower, but the decline narrowed over the morning.

The context: Investors have debated Tianqi’s valuation over the past few days, as over the border in Shenzhen its stock (002466.SZ) dropped 13.6% in total over Monday and Tuesday trading.