![](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fcms-image-bucket-production-ap-northeast-1-a7d2.s3.ap-northeast-1.amazonaws.com%2Fimages%2F8%2F4%2F2%2F7%2F47597248-1-eng-GB%2FIMG_6655.jpg?width=700&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms)
HONG KONG -- Chinese artificial intelligence company Mobvoi went public in Hong Kong on Wednesday and saw its stock promptly drop more than 20% during midday trading, marking the exchange's third dismal listing this week.
The company's shares opened at 2.98 Hong Kong dollars, well below the offer price of HK$3.80, while the Hang Seng Index edged higher. Mobvoi recovered to end the day at HK$3.68, still 3.4% below the IPO price.