Citic Securities drops in trading following debut in Hong Kong

It dipped as much as 4.5 percent before recovering.

A Reuters report said, “Citic Securities Co Ltd, China's largest listed brokerage, fell as much as 4.5 percent before recovering on its Hong Kong stock market debut on Thursday, after raising a less-than-expected $1.7 billion in its first listing outside the mainland.”

Citic Securities shares, according to the report, were trading at HK$12.96 compared with the offer price of HK$13.30 each and recovering from the day's low of HK$12.70.

The report noted, “Citic Securities is among the few companies to successfully launch a stock offering in Hong Kong during the past months, with a long list of deals pulled or postponed due to the volatile markets.”

View the report here.