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Tianqi Lithium Corp (天齊鋰業) fell as much as 11 percent in Hong Kong, following the largest share sale in the territory this year.
Its shares dropped to as low as HK$72.65 in early trading yesterday, before trimming losses.
The supplier of the key material used in batteries, already listed in China’s Shenzhen, sold the stock at HK$82 apiece in a secondary listing in Hong Kong. That was the top of a marketed range in an offering that raised about HK$13.5 billion (US$1.7 billion).
The slump suggests investors remain wary of putting money into newly listed stocks in Hong Kong. Three other companies
Investment Analysts’ downgrades for Tuesday, May 17th: Acciona (OTCMKTS:ACXIF) was downgraded by analysts at Royal Bank of Canada from an outperform rating to a sector perform rating. Adobe (NASDAQ:ADBE) was downgraded by analysts at StockNews.com from a buy rating to a hold rating. Agilysys (NASDAQ:AGYS) was downgraded by analysts at StockNews.com from a strong-buy rating […]
China and the United States could still find a way out of the ongoing audit dispute regarding US-listed Chinese companies despite the US Securities and Exchange Commission adding 12 such companies to a provisional delisting list on Tuesday, experts said on Wednesday.