The company secured 594.8 million Hong Kong dollars—roughly US$75.84 million—through its initial public offering of 108.15 million shares. By Tuesday morning, the stock price had collapsed to HK$3.40, significantly underperforming the broader Hang Seng Index, which retreated by a marginal 0.1% during the same period.
State-backed Airport Technology Capital participated as a cornerstone investor in the offering, with CICC acting as the primary sponsor. This debut aligns with a broader trend of mainland Chinese enterprises utilizing Hong Kong as a strategic gateway to court global capital, though this particular entry has faced immediate and aggressive resistance from market participants.
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