Understanding the Market | Newly listed stock GOLDEN LEAF INT falls over 22%, stock price hits a new low since listing

The newly listed stock GOLDEN LEAF INT fell over 22%, reaching HKD 0.64, a new low since its listing, which is less than 30% higher than the offering price of HKD 0.5. As of the time of writing, it has dropped 22.89%, priced at HKD 0.64, with a trading volume of HKD 15.6749 million. It is reported that GOLDEN LEAF INT debuted on the GEM (Growth Enterprise Market) of the Hong Kong stock market on October 10, with an oversubscription ratio of over 11,500 times for its public offering, becoming the first "ten-thousand times subscribed stock" in Hong Kong stock history. Notably, the stock price surged 330% on its first day of trading, with previous dark market trading peaking at a 900% increase. The prospectus shows that the company is a well-established contractor engaged in electromechanical engineering in Hong Kong, focusing on the supply, installation, and maintenance of HVAC, electrical, and water supply systems, primarily undertaking private projects and serving as the main contractor. Its annual revenue exceeds HKD 100 million, with annual profits only in the tens of millions of HKD. The company expects a significant decrease in net profit for the fiscal year 2025/26 compared to 2024/25, mainly due to increased listing expenses