Shenzen-based lessor China Development Bank Financial Leasing dropped 7% on the Hong Kong Stock Exchange, marking the worst major debut in 3 years, according to news reports.

CDB Financial Leasing debuted on the HKSE with an initial public offering (IPO) of 3.1 billion shares priced at HK$2 (€0.23), raising $799m (€722.49m).

The share values soon fell, closing at HK$1.86 (€0.22), making it the worst first day fall for a company valued at $500m or higher since Langham Hospitality Investments dropped 9.2% in 2013.

The Chinese lessor was first founded in 1984 as Shenzen Leasing, and renamed in 2008 when the CDB became its controlling shareholder.

CDB Leasing set the record for the highest proportion of shares in an IPO on the HKSE going to a single cornerstone buyer, with state-owned China Three Gorges Corporation purchasing 42.1%, according to reports.

This comes two months after the Bank of China broke records with the IPO of its aircraft leasing arm BOC Aviation Hong Kong.

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By GlobalData