Chinese EV-Maker Leapmotor Tumbles in Hong Kong Debut

Employees work on the assembly line of T03 electric small crossover at a factory of Chinese EV startup Leapmotor on July 20, 2022 in Jinhua, Zhejiang. Photo: Bloomberg

(Bloomberg) — Chinese electric-vehicle maker Zhejiang Leapmotor Technology Co. slumped in its first day of trade in Hong Kong, joining a slew of listings this year that fell below their offering price in their debut.

The shares declined as much as 15% to HK$41.00. They were sold at HK$48 apiece, the bottom of the marketed range in an offering that raised about about HK$6.3 billion ($803 million).