China Suntien Green Energy Corp., a distributor of natural gas and an operator of wind farms, fell on its first day of trading in Hong Kong.
The stock dropped 3.8 percent to HK$2.56 at 10:27 a.m. local time after declining as much as 9.8 percent. The benchmark Hang Seng Index rose 0.6 percent.
Suntien Energy raised HK$2.86 billion ($369 million) from its Hong Kong initial public offering, terms for the sale showed on Oct. 7. The proceeds will be used to build wind farms and develop natural-gas projects in China, the company said.
After listing, Suntien Energy may exercise an option to sell an additional 161.5 million shares, according to the documents filed before the IPO.
Suntien Energy is controlled by Hebei Construction & Investment Group Co., an investment arm of the Hebei provincial government, according to a pre-IPO filing to the Hong Kong stock exchange.