Chinese IPO Flops Pile Up in Worst Week Since 2012
- Liaoning Chengda Biotechnology fell 27% in its first session
- Bourses revised rule on how some investors place bids
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Investors in China are faced with the highest number of stocks falling on their first trading day in over nine years this week, shaking a long-held faith in fat gains on debuts as regulators step up reforms of initial public offerings.
Consulting firm Shenzhen Urban Transport Planning Center Co. slumped 8% as it began trading on Friday, taking the number of market debut flops to six this week. Investors haven’t seen a week with that many negative starts since June 2012.