Tongcheng-Elong Holdings, a Chinese travel website backed by Tencent Holdings, raised USD 180 million after pricing its Hong Kong initial public offering near the bottom of a marketed range.

The Jiangsu-based company priced its sale of 143.8 million shares at HK.80 apiece, according to terms for the deal obtained by Bloomberg on Wednesday. The shares were offered at HK.75 to HK.65 each.

Tongcheng-Elong is completing its offering as another slump in global technology stocks threatens to derail a comeback in Hong Kong’s equity market. 

Morgan Stanley, JPMorgan Chase & Co. and CMB International Capital are joint sponsors of Tongcheng-Elong’s listing. The company had slashed its fundraising goal from an original target of USD 800 million to USD 1 billion, people with knowledge of the matter said earlier.