Li Ka-shing's HK Electric Investments falls on Hong Kong debut
HONG KONG (AFP) - The stock market debut of a utilty trust owned by Asia's richest man Li Ka-shing went with a whimper not a bang in early trade on Wednesday, despite being Hong Kong's biggest IPO of the year.
Shares in HK Electric Investments - carved out from Li's Hong Kong-listed utilities firm Power Assets - dropped 4.04 per cent to a low of HK$5.23 (S$0.85) in morning trade, after raising US$3.11 billion earlier this month ahead of the initial public offering.
The company sold 4.43 billion units at the low end of its HK$5.45 to HK$6.30 indicative price range.
The benchmark Hang Seng Index went up 0.94 per cent in morning trade Wednesday.