On July 8, Reconova Technologies fell 19.53% in regular trading, trading at HK$16.3/share, with turnover of HK$137 million. The stock broke below its IPO price of HK$21.66 immediately at open on its first day of listing on the Hong Kong Stock Exchange.

The sharp decline was foreshadowed by weak dark pool trading the prior day, where shares closed at HK$17.99, approximately 17% below the offering price. Despite the Hong Kong public offering being oversubscribed 3,646 times and the international offering 3.08 times subscribed, investor sentiment turned negative as the company remains in a loss-making stage. Net losses widened from RMB 144 million in 2023 to RMB 238 million in 2024 and RMB 276 million in 2025, prompting some subscribers to cut losses on the debut day. The IPO raised net proceeds of approximately HK$529 million, with shares priced at HK$21.66 each.

Reconova Technologies is an enterprise-focused AI company specializing in visual intelligence technologies, offering visual perception, cognition, and reasoning products applied in civil aviation, commercial spaces, and safe driving scenarios.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)