The stock closed at HK$18.22 on Wednesday, having started at HK$18. Two class A shares in Hong Kong are equivalent to one American depository receipt in New York. The ADRs closed at $4.58 on Tuesday.
The firm controlled by tech giant Tencent is part of a growing group of Chinese firms choosing the method to list closer to home as escalating Sino-US tensions fuel delisting risks stateside. Volatile equity markets, high inflation and surging interest rates capped valuations worldwide for companies seeking to go public this year through traditional initial public offerings. As a consequence, there’s been a slump in proceeds raised in venues including New York, London and Hong Kong.
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