Shares of artificial intelligence chipmaker Black Sesame International Holding Ltd. tumbled as much as 35% on their debut, dealing a blow to Hong Kong’s efforts to lure more technology listings.
The Xiaomi Corp.-backed company’s shares fell to as low as HK$18.28 Thursday in the Hong Kong Stock Exchange and closed the day 27% lower. They had been priced at HK$28, the bottom of the marketed range in an initial public offering that raised HK$1.04 billion ($133 million).
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