Derek Jensen
It was expected that the bank would raise about $ 346 million when valuing shares at 31.80 Hong Kong dollars (about $ 4.07) per share.
As of 11:57 in Hong Kong, shares of China Renaissance were trading at HKD 26,850 per share, which is approximately 18.4% below the initial IPO price.
"It's all right, you know, we play long," said the founder and head of China Renaissance Fan Bao in an interview with CNBC in response to a question about the falling shares on the first day of trading.
"We are very confident about results of our business in the future," he added.
The bank, which invests in Chinese technology companies in the early stages, was supported by investors such as the LGT Group Foundation, the Snow Lake hedge fund and Alipay's digital payments platform, part of the Alibaba Group corporation, Jack Ma.
China Renaissance has consulted some of the largest mergers in China's technology industry. One of these deals was the merger of Meituan and Dianping, which created Meituan Dianping, a technological heavyweight who conducted his own IPO earlier this month.
China Renaissance was also a consultant to the deal to merge Didi Dache and Kuaidi Dache, which resulted in Didi Kuaidi, better known today as the Didi Chuxing taxi service.
In an announcement on the IPO results, China Renaissance said that about 40% of the funds received from the placement will be directed to development of the investment banking business.
The funds will also be used to develop the business of investment management and asset management.
This year, a record number of Chinese technology firms conducted the placement or filed an application for an IPO in Hong Kong. But many of the companies that have already conducted the listing have experienced a drop in share prices against the background of the general weakness of the stock market.
source: cnbc.com
As of 11:57 in Hong Kong, shares of China Renaissance were trading at HKD 26,850 per share, which is approximately 18.4% below the initial IPO price.
"It's all right, you know, we play long," said the founder and head of China Renaissance Fan Bao in an interview with CNBC in response to a question about the falling shares on the first day of trading.
"We are very confident about results of our business in the future," he added.
The bank, which invests in Chinese technology companies in the early stages, was supported by investors such as the LGT Group Foundation, the Snow Lake hedge fund and Alipay's digital payments platform, part of the Alibaba Group corporation, Jack Ma.
China Renaissance has consulted some of the largest mergers in China's technology industry. One of these deals was the merger of Meituan and Dianping, which created Meituan Dianping, a technological heavyweight who conducted his own IPO earlier this month.
China Renaissance was also a consultant to the deal to merge Didi Dache and Kuaidi Dache, which resulted in Didi Kuaidi, better known today as the Didi Chuxing taxi service.
In an announcement on the IPO results, China Renaissance said that about 40% of the funds received from the placement will be directed to development of the investment banking business.
The funds will also be used to develop the business of investment management and asset management.
This year, a record number of Chinese technology firms conducted the placement or filed an application for an IPO in Hong Kong. But many of the companies that have already conducted the listing have experienced a drop in share prices against the background of the general weakness of the stock market.
source: cnbc.com
