Shenzhen Xunce Technology (03317) saw its stock price plummet by 20.79% during the intraday session on Tuesday. This sharp decline followed the company's Hong Kong debut, where the stock opened at HK$48.02, just slightly above the final offer price of HK$48 per H share under its global offering.
The market's reaction suggests disappointment with the stock's performance post-listing, as investors may have expected a stronger debut. The close alignment of the opening price with the offer price likely triggered selling pressure, leading to the significant drop in share value.
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