TWO new listings, HB International Holdings and ING Beijing Investment, put in weak debuts yesterday. HB International shares fell 10 per cent to 90 cents, compared with the issue price of $1. Its warrants hit an intra-day high of 51 cents before closing at 39 cents. ING Beijing shares slumped 19 cents from the issue price of $1.08, closing at 89 cents. HB International chairman Jerry Lee Kin-sing saidmarket sentiments and is not a reflection of the strength of and prospects for the company.'' The company was developing several advanced products, including a 1.8 GHz telephone which complied with the Digital European Cordless Telephone system and which was expected to contribute to future profits, he said. The product is to be launched across Europe by the end of next year. A company spokesman said selling of HB International shares in the morning was due to a loss of investor confidence after the Hang Seng Index dropped close to 100 points. Because the listing was new, the public might not have known about it well enough, he said. The telecommunications manufacturer issued 112.5 million shares in a public offer in April to raise $102 million. It is offering one warrant for every five shares, which is convertible at $1.15 until 1997. The company plans to use $38 million of the proceeds to pay off short-term loans. The rest will be used to further develop UHF digital cordless phone products and to upgrade production in China as well as marketing on the mainland and in Europe. HB International factories in China, which employ 200 people for research and development, have a staff of almost 7,000. Part of the proceeds will be used to upgrade the factory in Liantong and to set up SMD automatic production lines. The company has also acquired a new building for a factory in Long Gong Zhen. ING Beijing issued 500 million shares to raise $540 million for investment in medium-sized companies with a record or potential of establishing export businesses in China, especially around Beijing. It has already identified eight of the businesses for investment, including a medical instruments company. It is also looking into a popular restaurant called the Roasted Duck. It is a busy week in China for ING. The bank opened its first branch in Shenzhen on Monday and there are openings of ING insurance branches in Shanghai and Beijing today and Friday respectively.