China’s Zhihu stocks stoop 22% in Hong Kong debut

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April 22 (Reuters) – Zhihu Inc (2390.HK) stocks tumbled 22.2% on Friday because the Chinese language company debuted its number one twin list at the Hong Kong Inventory Change.

The Chinese language query and solution website online, very similar to Quora Inc, raised $106 million through pricing its stocks at HK$32.06 a work.

The U.S. Securities and Change Fee on Thursday added Zhihu and any other 16 corporations to the most recent batch of shares probably going through delisting in the US for no longer giving get right of entry to to their audited accounts.

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Zhihu bought 26 million secondary stocks within the deal to turn out to be the most recent U.S.-listed Chinese language corporate to press forward with a list nearer to its house marketplace.

Zhihu stocks debuted at HK$24.95, with Hong Kong’s Hold Seng Tech Index (.HSTECH) down 3% in early business.

The New York-listed stocks had been up 0.6% on Thursday however stay down 70% up to now in 2022.

Two of the corporate’s indexed depository receipts equivalent one Hong Kong proportion, in line with its regulatory filings for the list.

Zhihu’s Hong Kong list comes amid increasingly more U.S.-listed Chinese language corporations going public in Hong Kong, because the regulatory stand off between Beijing and Washington over U.S. get right of entry to to Chinese language corporations’ audited accounts displays no indicators of finishing.

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Reporting through Scott Murdoch and Donny Kwok; Enhancing through Shri Navaratnam and Muralikumar Anantharaman

Our Requirements: The Thomson Reuters Agree with Ideas.

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