HONG KONG (AFP) - Developer Glorious Property Friday dived almost 20 percent on its Hong Kong debut, the latest victim of sinking investor enthusiasm for new market listings.
The Shanghai-based firm, which raised 1.28 billion US dollars in its initial public offering (IPO) last month, saw its priced tumble as the Hang Seng Index was hit by a broader sell-off.
Glorious was trading at 3.77 Hong Kong dollars (48 US cents) in late morning, well off its offer price of 4.40 dollars. It had earlier fallen as low as 3.53 dollars, or 19.8 percent.
The Hang Seng ended the morning 2.32 percent lower, in line with regional falls.
Glorious' loss follows last month's 11.7 percent fall of engineering and construction firm Metallurgical Corp of China, which had been the world's second biggest IPO this year.
Investor sentiment for IPOs has began to wane as a recent strong rally begins to ease due to worries that new listings could absorb market liquidity.
- Dow Jones Newswires contributed to this story -
