Anjoy Foods Group (HKG:2648, SHA:603345), China's largest producer of frozen hotpot ingredients, saw its shares plummet 5% in intraday trading on its Hong Kong market debut, despite initial strong demand for its IPO. The stock's performance comes as a surprise, given the company's successful fundraising and expansion plans.

The company had priced its IPO at HK$60.00 per share, below the maximum target price of HK$66.00, raising HK$2.30 billion in net proceeds. The Hong Kong public offering was 44.2 times subscribed, indicating significant investor interest. However, this enthusiasm did not translate into positive price action on the first day of trading.

Anjoy Foods' unexpected decline may be attributed to various factors, including broader market conditions and investor sentiment towards newly listed companies. The discrepancy between the strong IPO demand and the stock's performance could also suggest that some investors may be taking profits or reassessing the company's valuation in the secondary market. Despite the initial setback, Anjoy Foods remains committed to its expansion plans, including growth in overseas markets such as Europe and Southeast Asia, which the company hopes will be fueled by the capital raised from this listing.