China EV Maker Leapmotor Fails at Hong Kong Market Launch

Two new listings had trouble launching their trading in Hong Kong after raising a total of $1.5 billion amid turbulent market conditions, casting a cloud over a host of emerging companies. preparing to list in the Asian financial center.

Shares of Zhejiang Leapmotor Technology Co., a Chinese electric vehicle maker, fell as much as 42 percent from its initial public offering price in the first few hours of trading on Thursday. The seven-year-old company raised $800 million in its IPO — significantly less than $1.5 billion that it was aiming for before—After valuing its stock at the bottom of a guided range.

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