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Hong Kong's two biggest IPOs this year sink on trading debuts

Chinese EV maker Zhejiang Leapmotor dives 33.5% after $800m share sale

Hong Kong's IPO market has suffered so far this year, with only $7.7 billion raised by mid-September, the lowest since 2013. (Source photos by Reuters and Getty Images)

HONG KONG -- Hong Kong's two biggest share listings this year sank on their trading debuts Thursday, with Chinese electric vehicle maker Zhejiang Leapmotor Technology plunging nearly 34%, in a blow for the city's weakest IPO market in a decade.

The automaker's shares tumbled from their listing price of 48 Hong Kong dollar to end the day at HK$31.90, down 33.5%. Onewo Space-Tech Service, Chinese developer Vanke's property services arm, fell 6.8% to finish at HK$46.

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