Shuli Ren, Columnist

Hong Kong IPO Roulette Has Top Money Managers in a Spin

Tempting Chinese tech offerings now look like a trap.

September 26, 2018 at 10:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

Meituan’s app: A long way from profit.
Photographer: Paul Yeung/Bloomberg

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Some of the world’s largest asset managers took a spin on Hong Kong’s IPO roulette wheel, and now they’re stuck.

Shares of Meituan Dianping dipped below their offering price on Wednesday, barely one week after trading started. Demand from global investors helped the Chinese restaurant review and delivery company price at the top end of its IPO range, raising $4.2 billion.