Zhongji Innolight shares declined in their Hong Kong market debut on Thursday after the Chinese maker of data-centre optical components raised HK$53.4 billion ($6.8 billion) in the city's largest share sale of the year, according to Reuters.
The stock opened at HK$971, below its HK$980 offer price, and later traded at HK$902, marking a decline of nearly 8%. The broader Hang Seng Index remained largely unchanged, while the Hang Seng Tech Index fell 1%. Zhongji's Shenzhen-listed shares also dropped 12%.
