Shares in Shanghai Fosun Pharmaceutical tumbled as much as 12 per cent on their Hong Kong market debut on Tuesday, suggesting a rough ride ahead for Zhengzhou Coal Mining Machinery, the People’s Insurance Company of China and other Chinese groups still hoping to raise money this year.

Shanghai-listed Fosun raised $512m when it priced its Hong Kong initial public offering last week, at the low end of its expected range and with only just enough institutional and regional interest to fill its order books.

Nevertheless, others are expected to press ahead with planned Hong Kong listings. Zhengzhou Coal Mining Machinery is due to proceed with the roadshow next week for its hoped-for $500m equity raising, although one banker with knowledge of that deal said “don’t hold your breath”.