China Renaissance Holdings, the boutique investment bank that has worked with many top start-ups, plunged in its Hong Kong trading debut in the latest example of a high-profile initial public offering that failed to resonate with investors.

The firm's shares fell by as much as 19 per cent in early trading yesterday, another first-day flop for the city alongside Xiaomi Corp's debut.

This reflected the fact that China Renaissance's close ties with the tech industry - clients include Meituan Dianping and Didi Chuxing - was not enough to attract buyers. While Meituan jumped on its first trading day this month, IPOs such as Xiaomi and China Renaissance have represented a more typical pattern this year, with newly listed stocks falling 6.7 per cent on a weighted-average basis.

China Renaissance raised US$345 million in its IPO, at the bottom of a marketed range, according to Bloomberg. It saw weak demand from retail investors, drawing orders for just 0.82 times the amount of stock initially available to them.

The portion of the sale reserved for institutional investors was "moderately oversubscribed," the company said in an exchange filing on Wednesday.

Goldman Sachs Group and ICBC International Holdings were joint sponsors of the listing, while China Renaissance acted as sole financial adviser. ABC International Holdings was also among banks that arranged the offering.

BLOOMBERG