ROBOTPHOENIX (06871) saw its shares decline by more than 11% on its second trading day. At the time of writing, the stock was down 11.63%, trading at HK$47.5, with a turnover of HK$128 million. The company specializes in the design, research, development, manufacturing, and commercialization of industrial robots, offering comprehensive robotic solutions with a focus on light industrial applications. According to a Frost & Sullivan report, based on projected 2025 revenue, ROBOTPHOENIX ranks as the fourth-largest domestic supplier of industrial robots and related robotic solutions for light industrial applications in China. Financially, ROBOTPHOENIX is currently operating at a sustained loss. From 2023 to 2025, the company's adjusted net losses were approximately RMB 106 million, RMB 52.325 million, and RMB 86.637 million, respectively. Notably, the company's public offering was oversubscribed by about 14,855.40 times, significantly surpassing the previous record of 11,464 times set by Gold Leaf International on the Growth Enterprise Market last year, making it the new top-ranked oversubscribed IPO in Hong Kong's stock market.