Shares in Chinese property company Franshion fell 7.2% on their first day of trading on the Hong Kong exchange, indicating that a slide in stock markets worldwide may be starting to affect the country's initial public offerings, which have typically risen strongly on debut this year.

Fransion's $425m ( €316m) flotation, lead-underwritten by Deutsche Bank, dropped more than China's Hang Seng Index, which plunged as much as 6.2% in the early afternoon before closing at 20,672.39.