LUXSHARE ICT's stock plummeted 5.03% during intraday trading on Thursday, marking a significant decline on its first day of trading.

The sharp drop came as the company's Hong Kong-listed shares debuted below their initial public offering price of HK$63.28, extending weakness from the prior day's dark pool session which had already closed down approximately 5%. Despite robust institutional demand with international placement garnering 9.46x oversubscription and 26 cornerstone investors locking in substantial funds, significant short-term selling pressure overwhelmed bullish sentiment, resulting in the first-day break below the issue price.

The electronics manufacturer raised approximately HK$24.27 billion in what was the largest Hong Kong IPO of the year, but market sentiment turned negative as selling pressure dominated the trading session following the listing.