HONG KONG—Shares in sourcing giant Li & Fung Ltd.'s Global Brands Group spin-off made a disappointing debut on the Hong Kong Stock Exchange Wednesday, shedding nearly 14 percent of their value in their first day of trade.
Global Brands' shares slid almost 14 percent from their opening price of 2.09 Hong Kong dollars, or $0.27 per share, to end the day at 1.80 Hong Kong dollars, or $0.23, as Hong Kong's overall Hang Seng index closed down 1.55 percent.
Li & Fung, historically a sourcing company, announced on March 20 that it was preparing for the spin-off of its global brands and licensing business. Li & Fung is not raising any new capital through the operation. Each Li & Fung shareholder received one Global Brands Group share for every share it owns in Li & Fung.
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