News Snapshot:
One of Hong Kong’s most-popular initial public offerings among retail investors dropped in its debut, pouring cold water on the city’s red-hot sentiment over new listings. Joy Spreader Interactive Technology Ltd., a Hong Kong-based online marketing firm, fell as much as 6.3% on Wednesday morning. If shares close below their HK$2.88 offer price, it would be the first Hong Kong IPO to drop on day one after raising more than $100 million and having a retail oversubscription rate above 1,000, according to data compiled by Bloomberg. Joy Spreader sold HK$1.57 billion ($202 million) of stock, with the price toward the...
