Shares of Tianqi Lithium slumped about 10% in their Hong Kong market debut Wednesday, after the Chinese company raised about $1.7 billion in the city’s biggest listing so far this year.
The stock traded at around 74.50 Hong Kong dollars ($9.49), lower than the offer price of HK$82 ($10.45) a share. It slipped to as low as HK$72.65 before paring back some losses.
Tianqi Lithium, which was already listed in Shenzhen, is one of the world’s top suppliers of rechargeable battery components for electric vehicles.
“We are listed in China already and it is already a very good, big platform for financing. But it is limited in China,” Frank Ha, the executive director and CEO at Tianqi Lithium, told CNBC’s “Streets Signs Asia” on Wednesday.
“We going into the Hong Kong market that is our strategy of crossing the globe. We need to make an international platform for financing. That’s why that we…