SYDNEY – Two Chinese companies sunk by 15 percent in their Hong Kong initial public offerings debuts on Wednesday, while a Chinese petroleum refiner soared nearly 30 percent as sentiment towards new share sales in the city remains volatile.

Chenqi Technology opened down 14.3 percent and Shanghai Voicecomm sunk 15.4 percent in early trade on Wednesday.

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Meanwhile, Ruichang International, which raised just HK$131.1 million ($16.78 million), found support, with its shares trading as high as HK$1.35 each compared to HK$1.05 in the IPO.

The Hang Seng Index was up 1.3 percent and tech index rose 2.1 percent on Tuesday.

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Chenqi raised HK$1.01 billion ($129 million) and Shanghai Voicecomm raised HK$664.02 million ($85.0 million), according to their respective regulatory filings.