Price declines nearly 3 percent at closing in HK

The shares of China Everbright Bank Co Ltd, which raised HK$20 billion ($3 billion) in the biggest initial public offering this year, sank nearly 3 percent in their debut on Friday on the Hong Kong stock exchange, reflecting investor concern over the outlook for China's banking sector.

The shares closed at HK$3.87, down 2.76 percent on the offer price. Everbright, based in Beijing, is the 11th-largest bank on the Chinese mainland by market capitalization. It was the last large State-owned company to list in Hong Kong in 2013.