HONG KONG Reuters Chinese online video site Bilibili Incs shares fell 2.2 at market open to HK790 from the companys secondary listing price when the company started trading in Hong Kong on Monday.
The firm raised HK20.2 billion 2.6 billion after pricing shares at HK808 each last week.
Hong Kongs Hang Seng Index is down 0.07 early in the session on Monday.
Bilibilis stock weakened further to be down 4.2 from its issue price.
Bilibilis weak debut is the worst debut by a major deal in Hong Kong since Yum China Holdings Inc shares lost 6.3 at the open in September after it raised 2 billion, according to Refinitiv data.
The opening price is better than indicated when the stock lost 6 in grey market trading on Friday.
Bilibilis American Depositary Shares ADS closed 1.5 higher in New York on Friday night at 97.08 and the U.S.listed stock is up 13.25 so far this year.
One Bilibili Hong Kong share is equal to one of its American Depositary shares, according to the firms filings.
Bilibili sold 25 million shares in the Hong Kong offering and had set a maximum price of HK988 per share for retail investors until the final HK808 price was set.
Reporting by Scott Murdoch and Donny Kwok in Hong Kong; Editing by Kim Coghill and Christopher Cushing