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China tech

Baidu fails to make splash with Hong Kong debut

Cooling investor excitement toward China tech stocks also hits Bilibili

Baidu attracted applications from retail investors equal to 112 times the shares on offer, while institutional investors offered to purchase 10 times their allotment.    © Reuters

HONG KONG -- With investor excitement cooling toward Chinese technology stocks, search engine operator Baidu closed flat on its market debut in Hong Kong on Tuesday, while streaming service Bilibili priced its stock sale well below the maximum it had set earlier.

"Market sentiment towards technology stocks is weakening due to steepening interest rates and [an] equities sell off in the mainland that indirectly reduces inflows into Hong Kong," said Ke Yan, head of research at DZT Research in Singapore.

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