Hong Kong hit by third straight IPO flop as AI player Mobvoi disappoints
HONG KONG -- Chinese artificial intelligence company Mobvoi went public in Hong Kong on Wednesday and saw its stock promptly drop more than 20%, marking the exchange's third dismal listing this week.
The company's shares started trading at 2.98 Hong Kong dollars, down from the offer price of HK$3.80, while the Hang Seng Index edged higher by 0.9% early in the session.