By Bettina Wassener and Andrew E. Kramer

Shares in Rusal, the aluminum giant controlled by the Russian oligarch Oleg V. Deripaska, plunged nearly 11 percent Wednesday in their trading debut in Hong Kong, weighed down by global markets’ recent slump.

Rusal raised $2.2 billion in the initial public offering last week, making it the largest in many months in Hong Kong. The I.P.O., the first on the exchange this year, is also the first primary listing there for a company from outside Asia. Hong Kong emerged as one of the biggest venues for initial offerings last year, largely reflecting a flurry of listings from Chinese companies.

A number of Russian companies, particularly those operating near China in Siberia, or selling commodities across the border, are eager to follow Rusal’s lead and tap Chinese capital markets. These include the Russian state railroad, which operates the only rail line from the Far East to Europe.

Russian companies say they believe that Chinese investors are eager to invest in Russian mines and oil companies but have been reluctant to put money into the sometimes murky Russian stock exchanges. That is attracting to Hong Kong the Russian companies that might previously have sought to list in London or New York. China last year surpassed Germany as Russia’s largest trading partner.

Rusal, caught up in tortuous debt-restructuring negotiations last year that were among the most extensive in Russian history, eventually was approved for a listing after regulatory hold-ups pushed the timing into 2010.

A number of prominent investors, including the New York hedge fund manager Paulson & Company and Nathaniel Rothschild, the European banking family heir, bought into the offering. But concerns about Rusal’s $14.9 billion debt and other risks prompted the Hong Kong Securities and Futures Commission to limit the company’s share purchases to batches starting at a million Hong Kong dollars ($129,000) to discourage small investors from the offering.

Rusal shares finished their first day of trading at 9.66 Hong Kong dollars, 1.14 dollars below the I.P.O. price of 10.80. Mr. Deripaska said the performance was reasonable in light of recent global market declines, Reuters reported.

The overall Hong Kong market had a sixth successive session of declines Wednesday; the Hang Seng index fell 0.4 percent.

The Rusal I.P.O. price was set Friday before mining and metals shares swooned globally, said Mark Rubinstein, a deputy chief analyst at Metropol in Moscow, and by the time the stock started trading the drop was expected.

It should not weigh against the broader strategy of Russian companies trying to sell their shares in Hong Kong, he said.

“That it was placed successfully, that is important,” he said. “If it moves in line with the market, that is all it needs to do.”

Russian Railways, the world’s largest railway company and the operator of the Trans-Siberian Railway connecting Asia to Europe, is considering taking two subsidiaries public and could list in Hong Kong, an adviser to the company has said.

Ilyushin Finance, an aircraft leasing company partly owned by the Russian financier Aleksandr Y. Lebedev, is also considering listing in Hong Kong to raise about $200 million, according to a spokesman.

“Clearly, there’s a trend of Russians discovering Asia,” Dimitry Afanasiev, chairman of Egorov Puginsky Afanasiev & Partners, who negotiated the listing in Hong Kong, said Wednesday.

In mainland China, the Shanghai composite index dropped 1.1 percent, dragged down by continued nervousness about the Chinese authorities’ efforts to rein in bank lending in a bid to quash inflation.

Those concerns — combined with worries about President Obama’s plans for tighter restrictions on banks — have helped drag down stocks around the world for days.

“The last couple of weeks have thrown up prospects of U.S.-led banking regulation and simmering sovereign credit concerns. Neither directly challenges the strong domestic fundamentals of Asian economies, though Asia of course cannot escape the fact of its export leverage to developed economies, nor of the state of global liquidity in so far as it impacts portfolio flows,” Patrick Bennett, a strategist at Societe Generale in Hong Kong, wrote in a note on Wednesday. “While there is uncertainty, we must expect some defensive positioning in Asian markets.”