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

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent

March 23, 2021 12:06 JST

Updated on March 23, 2021 17:45 JST

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.