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China Renaissance, Dealmaker to Tech Stars, Plunges in Debut

  • Stock falls 19% in one of Hong Kong’s worst trading debuts
  • Bank’s CEO says firm “very confident” about the future
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Bao Fan, founder of China Renaissance Holdings, talks about the company’s IPO and business prospects.(Source: Bloomberg)
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China Renaissance Holdings Ltd., the boutique investment bank that’s worked with many of the country’s top startups, plunged in its Hong Kong trading debut in the latest example of a high-profile initial public offering that failed to resonate with investors.

The firm’s shares fell as much as 19 percent in early trading on Thursday, another first-day flop for the city alongside Xiaomi Corp.’s debut. Only one company had a poorer showing in Hong Kong this year, reflecting the fact that China Renaissance’s close ties with the tech industry -- clients include Meituan Dianping and Didi Chuxing Inc. -- wasn’t enough to lure buyers.