XIZHI TECH-P (01879.HK) plummeted 7.40% during intraday trading on Monday, extending its recent downward trend.

The sharp decline is attributed to continued supply pressure from newly listed overallotment shares. The overall coordinator fully exercised the overallotment option, involving approximately 2.069 million H shares that began trading recently, increasing the total share count and creating additional selling pressure in the market.

As the first publicly listed AI silicon photonic chip company globally, the stock has weakened persistently after its strong debut, with the combination of overallotment share supply and early-stage profit-taking contributing to the bearish momentum.