CCTC (06951) shares plummeted 5.06% during Friday's trading session, extending losses as the stock came under heavy selling pressure following the conclusion of its global offering stabilization period.

The decline was triggered by the company's announcement that the stabilization period had officially ended on August 5, meaning the stabilization price operator will no longer provide stock price support. During the stabilization period, shares were repurchased at prices between HK$86.05 and HK$100.30, with the last purchase occurring on August 4 at HK$100.10. The removal of this underwriter support has left the stock vulnerable to downward pressure.

Adding to the supply overhang, the sole overall coordinator partially exercised the over-allotment option on August 5, involving approximately 8.86 million H shares at HK$100.30 per share, representing about 12.41% of total shares available under the global offering. These additional shares are expected to commence trading on August 10, further increasing the circulating supply and weighing on investor sentiment.