According to reports, newly listed Golden Leaf International Group (08549) has seen its stock drop over 22%, reaching HKD 0.64, a new low since its listing. This price is less than 30% above its IPO price of HKD 0.5. As of the time of writing, the stock is down 22.89% at HKD 0.64, with a trading volume of HKD 15.67 million. It is noteworthy that Golden Leaf International debuted on the Hong Kong GEM (Growth Enterprise Market) on October 10, achieving an oversubscription rate of over 11,500 times, making it the first “ten-thousand times subscribed stock” in Hong Kong's history. On its first trading day, the stock price surged by 330%, having previously seen a peak gain of 900% during pre-listing trading. According to the prospectus, 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 systems. It primarily undertakes private projects as the main contractor, generating annual revenue exceeding HKD 100 million, with annual profits in the tens of millions. The company anticipates a significant decrease in net profit for the fiscal year 2025/26 compared to 2024/25, mainly due to increased listing expenses.