Artini China shares dropped 9.91 per cent yesterday as investors stayed away from the new stock.
The Shenzhen-based jewellery and fashion accessory maker and retailer, which priced its shares at HK$2.22 each to raise HK$621.6 million in its initial public offering, saw the shares finish their trading debut at HK$2 on a turnover of HK$59.82 million.
That brought its retail investors a paper loss, excluding other expenses, of about HK$220 for each board lot of 1,000 shares that they subscribed to through the company's share offering.
'Because of the turbulent market conditions in the past few months, investors ... remain very cautious toward new stocks,' said a fund manager.
At least 11 listing candidates have shelved share sale plans in the first three months of the year. E-Land Fashion China became the latest victim of the tepid market, as the spin-off of South Korea's E-Land World pulled its HK$2.88 billion share offering on Wednesday.
