HK Stock Market Move | GOLDEN LEAF INT (08549) fell by over 36% on the day after its listing, but still remains over 1.7 times higher than its IPO price.

GOLDEN LEAF INT (08549) dropped more than 36% on the day after listing. The stock had surged 330% on the previous trading day and is still 1.7 times higher than its IPO price of HK$0.5. As of the time of writing, it was down 36.28% to HK$1.37, with a turnover of HK$14.9156 million. According to the prospectus, GOLDEN LEAF INT is an established Hong Kong contractor in the mechanical and electrical engineering sector, focusing on the supply, installation, and maintenance of HVAC, power, and water supply systems. The company mainly undertakes private projects as the main contractor. It has an annual revenue of over HK$100 million, with an annual profit of only a few million Hong Kong dollars. Wind data shows that GOLDEN LEAF INT is the only new stock this year with a subscription rate exceeding ten thousand times. Furthermore, the total amount raised by GOLDEN LEAF INT in this offering is only HK$50 million, with a net fundraising amount of HK$31.3 million after deducting HK$18.7 million in listing expenses.