Confidence in the depressed market for initial public offerings in Hong Kong and China took another blow on Wednesday as two recently listed companies dropped below their offer prices.

Want Want China, a snack and beverage group that raised HK$8.15bn ($1.05bn), sank as much as 8.3 per cent on its first day of trading in Hong Kong. The shares closed down 2.7 per cent at HK$2.92.