Wednesday, January 19, 2022
 
Columnist
Martin Hennecke

Weibo dives 7pc in forgettable debut
 
09/12/2021
 
<p>Chinese social media giant Weibo (9898)shares closed 7.18 percent below their issue price to HK$253.20 in Hong Kong on its debut, which suggested a paper loss of HK$392 per lot.</p><p>In the US, the firm&#39;s American depositary receipts dropped by 3.79 percent to US$32.21 (HK$251.238) as of 07.15pm yesterday after closing at US$33.48, or HK$261.44 on Tuesday night.</p><p>The disappointing debut came as Malaysian glove maker Top Glove yesterday said it won shareholders&#39; approval for its plan to list in Hong Kong, and that it expected to complete the exercise by the first quarter of next year.</p><p>In the mainland, Chinese computer and telecommunication hardware e-commerce company Cogobuy Group (0400) said it plans to spin off its subsidiary Shenzhen Comtech, a technological service provider, to list in Shenzhen.</p><p>Meanwhile, the Financial Times reported that China is preparing a blacklist for start-ups that use variable interest entities to attract international capital but the changes may not be applied to existing companies.</p><p>However, China&#39;s official Economic Daily said the country&#39;s equity watchdog and related regulators are open to the option of overseas listing for mainland enterprises, supporting firms to choose domestic and overseas markets to fund their development in accordance with the law and regulations.</p><p>In Hong Kong, Hong Kong Monetary Authority chief executive Eddie Yue Wai-man, said the city has long been a hot destination for the US-listed Chinese firms and he did not see foreign investors worrying over Chinese stocks while it would be good if more US-listed Chinese stocks came to Hong Kong.</p><p>His comments came as Invesco&#39;s chief global market strategist Kristina Hooper, said China&#39;s tightening regulation is coming to an end and Chinese internet stocks were at extremely attractive valuations no.</p><p>Separately, mainland electronic vehicle maker Xpeng (9868) expects a US delisting threat could be years away but is prepared for that eventuality, vice chairman and president Brian Gu Hongdi said.</p>

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