China’s ZJLD Slumps in Debut After Biggest Hong Kong IPO of 2023

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ZJLD sold shares at HK$10.82 to raise HK$5.3 billion ($675 million) in what was Hong Kong’s biggest initial public offering this year

(Bloomberg) — Shares of Chinese liquor company ZJLD Group Inc. tumbled on their debut in Hong Kong Thursday as the lack of cornerstone investors for the offering left it vulnerable to weak market sentiment.

The KKR & Co.-backed company’s stock slumped nearly 18% to close at HK$8.88 ($1.13). That marked the worst debut performance among Hong Kong share sales bigger than $500 million since September, when Zhejiang Leapmotor Technologies Ltd. tumbled 34% on its first trading day, according to data compiled by Bloomberg.