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Chow Tai Fook, New China Life IPOs fizzle

Shares of Chow Tai Fook Jewellery (1929.HKG) and New China Life Insurance (1336.HKG) fell in their trading debuts on the Hong Kong Stock Exchange Thursday, a sign of continuing volatility and weak sentiment in the market, The Wall Street Journal reported. Shares of Chow Tai Fook, a jeweler that generates most of its revenue in mainland China, fell 8% during the trading day to close at HK$13.80 (US$1.77), while shares of New China Life, the country’s fourth-largest life insurer, fell 9.8% to close at HK$25.70 (US$3.30). Guodian Technology & Environment Group, which installs energy-savings facilities for coal-fired power plants, also said it would halve the size of its Hong Kong IPO, which it expected to raise up to US$646 million, according to a person familiar with the situation.

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