onsdag 8. desember 2021

Chinese social media giant Weibo's shares fall in Hong Kong debut

Social media giant Weibo has made its Hong Kong stock market debut as Chinese technology firms come under intense pressure at home and abroad. Weibo's shares lost more than 7% in the first day of trading. The firm joins other major Chinese technology companies, including Alibaba and JD.com, which are listed in both the US and Hong Kong.

It comes just days after Chinese ride-hailing giant Didi said it will move its listing to Hong Kong from the US. Weibo raised $385m (£290m) from the secondary share listing in Hong Kong. The company's US-listed shares have lost around a third of their value in the last six months.