HK Stock Market Move | New stock GOLDEN LEAF INT (08549) fell more than 22%, breaking through a new low in trading price again.

The newly listed stock GOLDEN LEAF INT (08549) fell by more than 22%, touching 0.64 Hong Kong dollars to hit a new low since its IPO, only slightly higher than the offer price of 0.5 Hong Kong dollars by less than 30%. As of the time of writing, it has dropped by 22.89%, closing at 0.64 Hong Kong dollars, with a trading volume of 15.67 million Hong Kong dollars. It is reported that Golden Leaf International made its debut on the GEM (Growth Enterprise Market) of the Hong Kong stock market on October 10, with a public oversubscription rate of over 11,500 times, making it the first stock in the history of Hong Kong stocks to have a "thousands of times oversubscription". It is worth noting that the stock price soared by 330% on the first day of listing, with pre-IPO trading seeing a maximum increase of 900%. According to the prospectus, the company is a well-established contractor engaged in electrical and mechanical engineering in Hong Kong, focusing on the supply, installation, and maintenance of HVAC, power, and water supply systems, mainly undertaking private projects as the main contractor. Its annual revenue is over 100 million Hong Kong dollars, while the annual profit is only tens of millions of Hong Kong dollars. The company expects a significant decrease in net profit for the 2025/26 fiscal year compared to the 2024/25 fiscal year, mainly due to increased expenses related to the IPO.