HK Stock Market Move | NEW GONOW RV (00805) fell more than 11% on the day after it was listed, breaking the IPO price by more than 38%.

The day after its listing, NEW GONOW RV (00805) fell by over 11%, reaching a low of 0.78 Hong Kong dollars, breaking 38% below its IPO price of 1.27 Hong Kong dollars. As of the time of writing, it has fallen by 11.22% to 0.87 Hong Kong dollars, with a trading volume of 743,500 Hong Kong dollars. According to the prospectus, NEW GONOW RV is a camper company with a wide business network in Australia and New Zealand, designing, developing, manufacturing, and selling customized towed campers. Based on revenue and sales forecast for 2023, New Jio ranks second in the camper industry in Australia and New Zealand. In the six months ending June 30, 2021 to 2024, New Jio achieved revenues of approximately 300 million yuan, 499 million yuan, 720 million yuan, and 422 million yuan respectively, with net profits of approximately 25.08 million yuan, 32.956 million yuan, 78.768 million yuan, and 40.43 million yuan respectively. Over the past three and a half years, New Jio's total profit is 177 million yuan. It is worth noting that the company's listing this time did not introduce cornerstone investors, and the company has no funding history since its establishment. As of June 30, 2024, NEW GONOW RV held cash and cash equivalents of 43.88 million yuan. In addition, NEW GONOW RV stated in the prospectus that it is planning to launch electric campers. The company has signed a strategic cooperation agreement with Gotion High-tech's wholly-owned subsidiary in December 2024, Gotion will provide customized power battery solutions for the company's new towed electric camper models, with research and development expected to begin in 2025.