GALAXIS TECH (02729) saw its shares plummet 5.49% during intraday trading on Monday, as the stock came under significant selling pressure.

The sharp decline followed the company's announcement that the 30-day post-listing stabilization period for its global offering concluded over the weekend. The stabilization manager confirmed that no stabilizing transactions were undertaken during this period, and the over-allotment option granted to international underwriters expired unexercised.

With the artificial support mechanisms from its initial public offering now completely removed, investors reacted negatively to the increased uncertainty, leading to the substantial price drop. The company confirmed that its public float remains compliant with Hong Kong listing rules following the stabilization window's closure.