U.S. Markets open in 6 hrs 32 mins

Closely watched China Renaissance IPO crumbles in first day of trade

Eustance Huang

Investment bank China Renaissance was expected to raise approximately $346 million after pricing at 31.80 Hong Kong dollars per share. Some market commentators expressed concerns over the current state of affairs in China's financial space. Hot on the heels of China hotpot chain Haidilao's 6862-HK debut yesterday , Hong Kong Exchanges and Clearing held another highly anticipated initial public offering with the debut of investment bank China Renaissance 1911-HK .