HK Stock Market Move | STAR SPORTS MED (01609) fell more than 7% intraday, already halved from its IPO price; cornerstone investors' 2.92 million shares will be unlocked this Thursday.

STAR SPORTS MED (01609) intraday once surged to HK$55.90, then reversed to fall more than 7%. As of press time, it is down 6.23% at HK$48.20, with turnover of HK$17.168 million. On the news front, the 2.9229 million restricted shares held by STAR SPORTS MED's four cornerstone investors will officially be unlocked on November 5. These shares account for 34.7% of the global offering and 5.34% of the company's total issued share capital. It is worth noting that the stock listed on May 5 this year at HK$98.50, with the Hong Kong public offering oversubscribed 7,823.13 times. It closed at HK$215.00 on its first trading day, up 118.3% from the IPO price, and hit an intraday high of HK$299.00. Since then, the share price has continued to decline steadily, touching a record low of HK$47.36 on November 2. The current price has already halved from the IPO price.