Dalian Refrigeration's B shares plunged on its trading debut yesterday, underscoring investors reluctance towards mainland stocks following the region's financial turmoil.
It was the first B-share listing this year.
Traders said the Shenzhen stock traded below its issue price in the first hour of trading on heavy overseas selling.
The share closed the day seven cents below its issue price to $2.92 against a 0.43 per cent rise in the Shenzhen B-Share Index.
About 4.88 million shares changed hands.
The traders said it remained to be seen whether the disappointing debut would be a bad omen for upcoming B-share issues, but added new issues would fare better in Shanghai than Shenzhen due to a stronger confidence in the US dollar than the Hong Kong unit.