By Megan Cheah
Shares of a Chinese auto technology provider fell in their Hong Kong trading debut, failing to spark much enthusiasm as volatility continues to loom over markets.
Jiangsu New Vision Automotive Electronics' stock shed as much as 32% to 30.20 Hong Kong dollars from its initial-public offering price of HK$44.20, before paring losses to trade at HK$31.30.
A blockbuster wave of listings in Hong Kong made the city the world's top initial public offering venue last year, by funds raised. According to Hong Kong's exchange operator, 119 listings in 2025 raised HK$286.9 billion, more than tripling the previous year's total.
This year, momentum has continued, but heightened global market volatility due to the Middle East conflict, tariffs and other events are undermining risk-taking sentiment.
Hong Kong's benchmark Hang Seng Index was last 1.3% higher, but was been swinging sharply in both directions since the conflict began. It is down about 7.3% month-to-date.
Jiangsu New Vision, which makes head-up display solutions for cars, raised around HK$649.7 million in net proceeds via the IPO, equivalent to US$82.9 million. It priced shares near the midpoint of its HK$42.00 to HK$48.00 guidance range.
The Hong Kong offering was 68.89 times subscribed, while shares under the international offering were 1.34 times subscribed.
The company aims to use the proceeds to expand its production line, for research and development and possible strategic collaborations, among other uses.
Guotai Haitong and Citi Securities were among banks advising the offering.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
March 23, 2026 23:03 ET (03:03 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
