By Scott Murdoch and Donny Kwok
(Reuters) – Zhihu Inc shares tumbled 22.2% on Friday as the Chinese firm debuted its primary dual listing on the Hong Kong Stock Exchange.
The Chinese question and answer website, similar to Quora Inc, raised $106 million by pricing its shares at HK$32.06 a piece.
Zhihu sold 26 million secondary shares in the deal to become the latest U.S.-listed Chinese company to press ahead with a listing closer to its home market.
Zhihu shares debuted at HK$24.95, with Hong Kong’s Hang Seng Tech Index down 3% in early trade.
The New York-listed shares were up 0.6% on Thursday but remain down 70% so far in 2022.
Two of the company’s listed depository receipts equal one Hong Kong share, according to its regulatory filings for the listing.
Zhihu’s Hong Kong listing comes amid an increasing number of U.S.-listed Chinese firms going public in Hong Kong, as the regulatory stand off between Beijing and Washington over U.S. access to Chinese companies’ audited accounts shows no signs of ending.
(Reporting by Scott Murdoch and Donny Kwok; Editing by Shri Navaratnam and Muralikumar Anantharaman)
