China’s largest listed brokerage drops more than 10% in Hong Kong trade

Citic Securities’ Hong Kong stock market debut on Thursday follows the sale of its shares at the bottom of the HK$13.30-$15.20 a share price range.

A Reuters report said, “Citic Securities Co Ltd, China's largest listed brokerage, fell more than 10 percent on its Hong Kong stock market debut on Thursday despite a jump in the broader market, underscoring poor investor appetite for new share sales in the face of global market volatility.”

Meanwhile Patrick Yiu, a director at CASH Asset Management, was quoted as saying, "It's a very difficult time for any IPO because market sentiment is so weak right now."

View the report here.