Cre8 Enterprise, Ltd. (CRE), a Hong Kong-based integrated financial printing service provider, saw its stock price tumble 5.68% in after-hours trading on Wednesday, extending losses from its disappointing market debut earlier in the day. This sharp decline comes just one day after the company priced its initial public offering (IPO) at $4.00 per share.

The company's struggles began during regular trading hours, with the stock dropping 5% in its first day on the Nasdaq Capital Market. Cre8 Enterprise had priced its IPO at $4.00 per share on Tuesday evening, offering 1.45 million Class A shares with the aim of raising approximately $5.8 million in gross proceeds. The IPO underwriters were also granted a 45-day option to purchase up to 217,500 additional shares to cover over-allotments.

The continued sell-off in after-hours trading suggests that investors remain skeptical about the company's valuation and growth prospects in the competitive financial printing services sector. While Cre8 Enterprise had outlined plans to use the IPO proceeds for various growth initiatives, including office upgrades in Hong Kong, business expansion, and technology improvements, the market's initial reaction has been decidedly negative. This lackluster performance may raise concerns about the company's ability to execute its growth strategy and compete effectively in its industry.