Tourists at a Club Med resort in Sanya. Photo: VCG
Fosun Tourism, owner of the popular Club Med resort chain, is fizzling in the trading debut of shares in its Hong Kong IPO.
The company's stock opened down from its IPO price of HK$15.60 when Friday trading began in Hong Kong, and was down 3.7% at about 10:30 a.m. local time.
The weak showing capped a lackluster IPO process, which included a pricing of shares at the bottom of their range.
Fosun, one of China's leading private equity investors, bought a majority stake of Club Med back in 2015 following a bidding war, in a deal that valued the company at nearly 1 billion euros ($1.1 billion).