Google-backed Chinese AI company Mobvoi sees stock tumble in Hong Kong IPO - report

seekingalpha04-24

Chinese AI company Mobvoi fell up to 22% on its IPO in Hong Kong on Wednesday, marking the third stock to tumble on debut in the city this week, Bloomberg News reported. Beijing-based Mobvoi, which is...

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Beijing-based Mobvoi, which is...</p>\n\n<a href=\"https://seekingalpha.com/news/4092929-google-backed-chinese-ai-company-mobvoi-sees-stock-tumble-in-hong-kong-ipo\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google-backed Chinese AI company Mobvoi sees stock tumble in Hong Kong IPO - report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoogle-backed Chinese AI company Mobvoi sees stock tumble in Hong Kong IPO - report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-24 17:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4092929-google-backed-chinese-ai-company-mobvoi-sees-stock-tumble-in-hong-kong-ipo><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Chinese AI company Mobvoi fell up to 22% on its IPO in Hong Kong on Wednesday, marking the third stock to tumble on debut in the city this week, Bloomberg News reported. Beijing-based Mobvoi, which is...</p>\n\n<a href=\"https://seekingalpha.com/news/4092929-google-backed-chinese-ai-company-mobvoi-sees-stock-tumble-in-hong-kong-ipo\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0965509101.SGD","symbol_name":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","start_time":0,"source_url":"https://seekingalpha.com/news/4092929-google-backed-chinese-ai-company-mobvoi-sees-stock-tumble-in-hong-kong-ipo","article_id":"2429829484","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/695357146/image_695357146.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2429829484","pubTimestamp":1713949765,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Earnings Preview With Steven Cress Google delays phaseout of third-party cookies in Chrome yet again Google's AI search rival Perplexity plans to raise at least $250M - report","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","BK4534":"瑞士信贷持仓","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","GOOGL":"谷歌A","BK4525":"远程办公概念","LU0234572021.USD":"高盛美国核心股票组合Acc","GOOG":"谷歌","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0861579265.USD":"联博低波幅策略股票基金A","BK4527":"明星科技股","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","02438":"出门问问","BK4532":"文艺复兴科技持仓","LU0238689110.USD":"贝莱德环球动力股票基金","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","BK4574":"无人驾驶","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0072462426.USD":"贝莱德全球配置 A2","BK4573":"虚拟现实","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK4581":"高盛持仓","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU0080751232.USD":"富达环球多元动力基金A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0444971666.USD":"天利全球科技基金","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4592":"伊斯兰概念"},"translate_title":"谷歌支持的中国人工智能公司Mobvoi在香港IPO股价暴跌——报道","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02438":1,"GOOG":1,"GOOGL":1},"content_text":"Chinese AI company Mobvoi fell up to 22% on its IPO in Hong Kong on Wednesday, marking the third stock to tumble on debut in the city this week, Bloomberg News reported. Beijing-based Mobvoi, which is backed by Alphabet's (NASDAQ:GOOG) (GOOGL) Google, calls itself an AI company with generative AI and voice interaction technologies at the core of its business. It was founded in 2012 by former Google employees and is known for its Ticwatch smartwatches and Chumenwenwen voice-activated search services. Three years later, Mobvoi saw Google's backing, which was the U.S. company's first direct investment in China since removing its search engine from the country in 2010. The shares fell on the first day of trading, even after they were sold near the low end of the indicated price range. Mobvoi and its stockholders raised HK$321M (about $41M), lower than $200M to $300M it was expected to be targeting last year, the report added. The decline was also in contrast with gains in Hong Kong and Asian stocks markets on Wednesday. On Tuesday, Bubble tea maker Sichuan Baicha Baidao Industrial declined 27% on its IPO, while Tianjin Construction Development Group, which provides engineering services, fell about 39% in its debut in Hong Kong on Tuesday, according to the report. Mobvoi's shares slightly recovered and closed at H$3.68 in Hong Kong. The stock was sold at HK$3.80 per share, versus its marketed range of HK$3.70 to $4.10, the report noted. The disappointing IPOs adds pressure to Hong Kong's equity capital market, which saw IPO proceeds fall last year to its lowest level in over two decades amid worries related to China's economic growth, the report added.  More on Alphabet  Google: Don't Underestimate YouTube, Especially Ahead Of Earnings Google's Undervalued Upside Magnificent 5 Or 7? Earnings Preview With Steven Cress Google delays phaseout of third-party cookies in Chrome yet again Google's AI search rival Perplexity plans to raise at least $250M - report","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429829484"}