Linklogis’ performance comes despite a number of recent listings in Hong Kong were met with lukewarm investor interest. Fintech firm Bairong Inc. slumped 16% during its first day of trading last week, delivering the worst debut in three years, while video streaming service Bilibili Inc. also fell.
Linklogis is a supply chain financing firm in China. While its prospectus shows the company hasn’t made a profit in the last three years, revenue expanded 47% last year following an 83% surge in 2019.
Chinese fintech companies are going through a particularly hard year after Beijing suddenly halted Ant Group Co.’s IPO last year, signaling wider crackdowns for the sector. Regulators are inspecting businesses spanning from online lending to payments and insurance tech, making investors wary when it comes to backing firms in the industry.
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