Chinese online food delivery-to-ticketing services platform Meituan Dianping's initial public offering was given the cold shoulder by most of Hong Kong’s retail investors, adding more signs that investors are losing their appetite for Chinese tech stocks as promises of bountiful profits go unmet. Shares in Tencent and Alibaba have plummeted this summer after both posted weak earnings, while Meituan has yet to even reach profitability.
Retail investors subscripted for the initial public offerings using HK$1.52 billion margin loans, which is only 88 per cent of the HK$ 1.73 billion allocated for open market . . .
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