Shares of HASHKEY HLDGS (03887) tumbled by nearly 30% at one point during trading, hitting a new all-time low of HK$1.97 since its initial public offering. At the time of writing, the stock was down 25.27% to HK$2.10, with a turnover of HK$18.09 million.

The sharp decline follows the expiration of the initial six-month lock-up period for certain shares on June 17. This milestone allowed the company's controlling shareholders and cornerstone investors to sell their previously restricted holdings.

It is noteworthy that on June 11, HASHKEY HLDGS had announced a board resolution. The company plans to utilize up to HK$100 million of its own funds, excluding proceeds from its global offering, to repurchase its shares on the market. This share buyback authorization is effective from the date of its approval until the conclusion of the company's next annual general meeting.