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Hong Kong hit by third straight weak IPO as AI player Mobvoi disappoints

Google-backed Chinese company struggles out of gate in Asia's worst-performing market

A listing ceremony marks the arrival of Chinese AI company Mobvoi on the Hong Kong market on April 24. (Photo by Echo Wong)

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.

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