Starfire Materials (6067.HK) fell up to 4% in Hong Kong trading to HK$9.19, a new low since listing, currently at HK$9.47 with turnover of HK$24.56 million.

The decline comes after the company announced on June 24 that it co-founded Shenzhen Yuanzhi Xingyuan Venture Capital Fund Partnership (Limited Partnership) with several institutional investors, committing RMB500 million total, with Starfire Materials contributing RMB151 million as limited partner accounting for 30.20% stake.

The fund will focus on key projects across the new energy storage industry chain.