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Bloomberg
A Chinese pipe maker endured a rollercoaster debut, finishing the day at a loss after almost doubling during its initial public offering in Hong Kong.
Maike Tube Industry Holdings Ltd surged as much as 84% on Wednesday morning, before closing down 5.7%.
It’s the latest example of a stock seeing wild swings in its Hong Kong debut. Snack Empire Holdings Ltd nearly tripled on its opening day two months ago before closing down 6.2%. Its shares are now 29% below their offer price.
Maike Tube appeared to have stabilided by late-morning. But the weakness continued, capped by late-afternoon selling which pushed shares into negative territory.