Deals
First China IPO Flop Since 2012 Shows Market Confidence Breaking
- Luoyang Jianlong Micro-Nano New Materials fell 2.2% on debut
- China has in recent days moved to address liquidity concerns
This article is for subscribers only.
A Chinese stock closed below its listing price on debut for the first time in seven years, showing how weak investor sentiment has become.
Luoyang Jianlong Micro-Nano New Materials Co. fell 2.2% on Shanghai’s Star board Wednesday, the first mainland listing to flop on opening day since Haixin Foods Co. plunged 8% in October 2012, according to data compiled by Bloomberg.