Dalian Wanda Commercial Properties (3699.HKG) shares saw red on their debut day in Hong Kong despite marking the biggest initial public offering for the bourse this year, South China Morning Post reported. The stock closed 2.6% below the issue price of HK$48, at $HK$46.75, though the IPO still managed to raise about HK$28.8 billion (US$3.712 billion) . Aside from worries about the depressed mainland property market, analysts said investors had balked at the high-priced offering. The share offering was actually much smaller than initially planned, with Wanda originally hoping to raise up to US$6 billion.