---
title: "The 'Mechanism B + CITIC Sponsorship' double buff also broke the issue price! Fibocom fell 12% on its first day of listing, with nearly half of the greenshoe used."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/35522687.md"
description: "On October 22, 2025, Fibocom (0638.HK), a globally leading provider of wireless communication modules and AI solutions already listed on the A-share market, officially debuted on the Hong Kong Stock Exchange, with CITIC Securities as its exclusive sponsor. On the first trading day, the company's stock opened flat but quickly weakened, with intraday losses gradually widening, ultimately closing down 11.72%, becoming the first new stock to break issue price under the new Mechanism B. As of the close on the first trading day, the company's total market capitalization was HKD 17.092 billion, with an H-share market cap of HKD 2.564 billion, and a daily turnover of approximately HKD 646 million..."
datetime: "2025-10-23T07:43:29.000Z"
locales:
  - [en](https://longbridge.com/en/topics/35522687.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/35522687.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/35522687.md)
author: "[活报告IPO](https://longbridge.com/en/profiles/24000187.md)"
---

# The 'Mechanism B + CITIC Sponsorship' double buff also broke the issue price! Fibocom fell 12% on its first day of listing, with nearly half of the greenshoe used.

On October 22, 2025, Fibocom, a leading global provider of wireless communication modules and AI solutions already listed on the A-share market, (0638.HK) officially debuted on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor.

On its first trading day, the company's stock opened flat but quickly weakened, with intraday losses gradually widening, ultimately closing down 11.72%, becoming the first new stock to break issue price under Mechanism B since the new rules took effect. As of the close of its first trading day, the company's total market capitalization was HK$17.092 billion, with an H-share market cap of HK$2.564 billion and full-day turnover of approximately HK$646 million.

Fibocom's breaking of issue price also ended CITIC Securities' recent14-deal winning streak as sponsor.

Fibocom's global offering consisted of 135 million shares (excluding greenshoe), representing 15% of total shares, priced at HK$21.5 (the upper limit), raising approximately HK$2.904 billion in total. Under Mechanism B allocation, the public offering accounted for 10%. The international placement portion attracted 10 cornerstone investors, subscribing approximately HK$1.355 billion, representing 43.04% of the global offering.

Placement results showed 191,000 subscribers in total, with public subscription reaching 550.99 times oversubscribed and international placement 9.16 times, no clawback, and a lottery success rate of 0.31% per board lot.

For the greenshoe, Fibocom's greenshoe funds amounted to approximately HK$436 million, with CLSA as stabilizing agent. According to LiveReport big data estimates, as of the first day's close, HK$179 million of greenshoe funds had been used, leaving HK$256 million remaining (about 56.67%).

[The 12th A+H New Listing This Year! Fibocom (0638.HK) First-Day Subscription Over 8 Times, Cornerstones Nearly 45%](https://mp.weixin.qq.com/s?__biz=MzkxODMwODE2NQ==&mid=2247617691&idx=1&sn=617c827b59f4636c77a5e3bf6ef3c72b&scene=21#wechat_redirect)

[Wireless Module Leader Fibocom Passes Hearing, Another A+H Listing](https://mp.weixin.qq.com/s?__biz=MzkxODMwODE2NQ==&mid=2247617158&idx=2&sn=2e6b02c121583a626527953374888846&scene=21#wechat_redirect)

**(This article was first published on the LiveReport WeChat public account, ID: livereport)**

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