** Stock of artificial intelligence $(AI)$ technology developer Mobvoi fall 21.6% from IPO price to as low as HK$2.98 in Hong Kong debut
** Stock last trading at HK$3.09, still down 18.9% from the IPO price of HK$3.80/share
** Mobvoi is the third debut in Hong Kong this week, following tea shop chain Sichuan BaiCha BaiDao and Tianjin Construction Tuesday, which fell 26.9% and 39.2% respectively
** BaiCha BaiDao drops another 11.7% on Wednesday
** Mobvoi sold 84.57 mln shares in IPO, raising HK$321.4 mln ($41 mln) to enhance its modeling technology, solution development, to fund investments and acquisitions
** Alphabet's Google holds 12.51% stake in Mobvoi after the listing
** HongShan, an indirect unit of HongShan Capital Venture Fund, owns 10.30% while Goertek holds 9.46%
** "Its IPO market had a slow start in Q1 2024 without recording any mega or large listings against a backdrop of a low valuation environment" - Deloitte
($1 = 7.8349 Hong Kong dollars)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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