Glorious Property Holdings Ltd. fell as much as 20% on its first day of trading in Hong Kong, the fifth straight debut slump for an initial public offering in the city.

The stock dropped 14% to HK$3.79 at the midday trading break. Glorious last week raised HK$9.9bn ($1.28bn) in the largest Hong Kong IPO by a Chinese property company in two years.

bloomberg.com