Guoyi (SHA:688828) decreased the allocation of initial public offering proceeds as net proceeds were lower than the 1.17 billion yuan target, according to a Tuesday filing with the Shanghai bourse.

The quantum instrument maker raised net proceeds of 723.4 million yuan from its IPO.

From an allocation of 454.7 million yuan for its high-end scientific instrument industrialization, the company will reduce it to 364.5 million yuan. The budget for the quantum technology development research institute project will fall to 318.9 million yuan from 449.4 million yuan, and the application center network construction project will have a budget of 40 million yuan from the original allocation of 264.8 million yuan.

Company shares fell 5% during the midday break on Tuesday.