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China’s Weibo Falls 7.2% in Its First Day of Trade in Hong Kong

  • Company, holder raised $385 million with listing in Asian hub
  • Offering comes as China cracks down on VIE structures
Images of Weibo Corp. As Company Raises $285.6 Million In U.S. IPO

Photographer: Brent Lewin/Bloomberg

Updated on

Shares of China’s Twitter-like website Weibo Corp. fell in their first day of trading in Hong Kong, signaling continued investor caution toward the internet sector amid Beijing’s market-damping regulatory moves.

Weibo declined 7.2% to finish at HK$253.20 on Wednesday, versus the HK$272.80 listing price. Shares were set at a discount of about 2.8% versus the close of their American depositary receipts on Dec. 1.