Tom Online fell 6.66 per cent in its debut on the Growth Enterprise Market yesterday after its Nasdaq shares failed to match the spectacular first-day gains of other internet companies listed recently in the United States.
The internet spin-off of Tom Group closed at HK$1.40, compared with an initial offering price of $1.50.
The American depositary receipts eked out a gain of just 0.19 per cent on Wednesday after rising as much as 11 per cent earlier. They finished at US$15.58, up three cents.
Analysts said Hong Kong investors had sold to prevent losses after watching the company's dismal debut in the US.
Mainland internet portal Ctrip.com International soared 88.55 per cent in its debut and closed at $30.65 on Wednesday, 70.27 per cent higher than its IPO price.
Rival Linktone rose 24.42 per cent in its Nasdaq debut, although it dropped 11.16 per cent to US$12.49 on Wednesday, or 10.78 per cent below its initial offer price of $14.