RoboTechnik slips on debut as four test IPO market
Chinese automation equipment maker RoboTechnik Intelligent Technology fell up to 9.8 percent in its Hong Kong trading debut on Tuesday, after raising HK$5.18 billion in its share sale. The stock dropped to as low as HK$393.20, compared with its offer price of HK$436, after opening at HK$419.60. It was last down 8.5 percent at HK$398.80. The broader market was also weaker, with the Hang Seng Index falling 0.6 percent at one stage and the tech index down 1.2 percent. RoboTechnik was one of four companies to start trading in Hong Kong on Tuesday, in a test of investor appetite for new share offerings amid a revival in the city's IPO market. Hong Kong IPOs, including secondary listings, have raised US$46.54 billion so far this year, a 94.3 percent jump from a year earlier, LSEG data showed. Printed circuit board maker Shenzhen Kinwong Electronic opened seven percent lower at HK$65, versus its HK$69.88 offer price, after raising HK$5.1 billion. The stock was last up 9.5 percent at HK$76.55. Specialty chemicals and semiconductor materials maker Red Avenue New Materials Group opened 9.1 percent lower at HK$40 versus its HK$44 offer price, after raising about HK$3 billion. Robotics technology company Direct Drive Tech opened 4.1 percent higher at HK$22.48, versus...
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