Sanhua opens lower on Hong Kong debut

Sanhua Intelligent Controls, a major Chinese supplier of refrigeration and air conditioning components, dropped 7% in its Hong Kong trading debut on June 23, despite backing from Jane Street Group, GIC, and Schroders. The company raised HKD 9.3 billion in a top-of-range offering and plans to invest in robotics R&D, including bionic actuators, as revenue growth slows.