HONG KONG: The stock market debut of a utility trust owned by Asia’s richest man Li Ka-shing went with a whimper not a bang on Wednesday, despite being Hong Kong’s biggest initial public offering of the year.
Shares in HK Electric Investments—carved out from Li’s Hong Kong-listed utilities firm Power Assets—dropped 2.02 percent to HK$5.34 ($0.69) on Wednesday trade, after raising $3.11 billion earlier this month ahead of the initial public offering (IPO).
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