HK Stock Market Move | GOLDEN LEAF INT(08549) falls by nearly 17%, stock price hits new low on the market and drops below the issue price.

Golden Leaf International (08549) fell by nearly 17%, hitting a low of 0.49 Hong Kong dollars, its lowest since listing, and falling below the issue price of 0.5 Hong Kong dollars. As of the time of writing, it has fallen by 16.95%, trading at 0.49 Hong Kong dollars, with a turnover of 20.5641 million Hong Kong dollars. In terms of news, Golden Leaf International landed on the GEM (Growth Enterprise Market) of the Hong Kong stock market on October 10th, with a public offering oversubscription rate of over 11,500 times, becoming the first "10,000 times oversubscribed stock" in the history of Hong Kong stocks. It is noteworthy that the stock price surged by 330% on its first day of listing, after experiencing a high of 900% surge in the grey market trading. According to the prospectus, the company is an established contractor in Hong Kong engaged in mechanical and electrical engineering, focusing on the supply, installation, and maintenance of HVAC, electrical, and water supply systems, mainly undertaking private projects and serving as the main contractor. It has an annual revenue of over 100 million Hong Kong dollars, with annual profit scale of only tens of millions of Hong Kong dollars. The company expects a significant decrease in net profit for the 2025/26 financial year compared to the 2024/25 financial year, mainly due to increased listing expenses.