HK Stock Market Move | Link Real Estate Investment Trust (02671) plunged more than 18% on its second day of trading, falling below its IPO price. Its total market value is less than 800 million Hong Kong dollars.

China State Construction International Holdings Ltd (02671) fell more than 18% on the second day of its listing, dropping below the issue price of HK$7.1 to HK$6.19. As of the time of writing, the stock has dropped 18.06% to HK$6.26, with a trading volume of HK$7.3526 million and a total market value of less than HK$800 million. Public information shows that China State Construction International Holdings Ltd is a comprehensive prefabricated steel structure construction subcontracting service provider. The company was established in 1999 and mainly provides comprehensive services for construction projects in industries such as automotive, machinery, catering, and textiles, covering project design and optimization, procurement, manufacturing, and installation. Its main business segments include prefabricated steel structure construction subcontracting services, professional engineering contracting, and industrial environmental protection equipment. According to a report by Frost & Sullivan, based on revenue projections for 2024, the company ranks third in the industrial sector of the prefabricated steel structure construction market in China, with a market share of 3.5%. Guoyuan International previously commented that with the implementation of national and regional government plans to adopt prefabricated construction, the prefabricated construction market is expected to expand further. However, considering the company's significant performance fluctuations in recent years, and the P/E ratio corresponding to the IPO price range for 2024 is approximately 10.4-13.4 times, the valuation is considered to be on the high side.