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HK's first yuan-denominated stock falls on debut

(Xinhua)
Updated: 2011-04-29 11:20
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HONG KONG - Shares of Hong Kong's first Renminbi-denominated initial public offering Hui Xian real estate investment trust opened 7.8 percent lower than its offering price of 5.24 yuan (81 cents) on its first trading day in Hong Kong Friday.

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Hui Xian started trading at 4.83 yuan per share at the Hong Kong bourse. Hui Xian is a spin-off real estate unit of Hong Kong billionaire Li Ka-shing's flagship developer Chung Kong Corp.

It sold 2 billion units, representing 40 percent of the total units in Hui Xian REIT, and raised 10.48 billion yuan in total.