Friday, March 28, 2008

Want Want debuts in Hong Kong

Taiwan-based Want Want China Holdings Ltd<151>, China's largest maker of rice cakes and flavored milk, made a lackluster debut in Hong Kong yesterday.

Want Want is the fourth to launch the Hong Kong offering after several companies canceled or shelved their IPOs.

Its shares opened at HK$3.01 in the morning session on Wednesday, 1 cent higher than its initial public offering price of HK$3 apiece. The shares tumbled as much as 8.3% during the trading before closing at HK$2.92.

Bargain-hunting investors are cautious and prefer not buying IPOs due to the turmoil in global equity markets, and the Hong Kong market will remain volatile in a short term, said the analysts.

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