Stock Track | MERDEKAGOLD-DRS Plummets 6.09% Intraday on Hong Kong Debut Amid Tepid Demand and Financial Losses

Stock Track

Jun 26

MERDEKAGOLD-DRS (06228) plummeted 6.09% intraday on its Hong Kong listing debut, breaking below its initial public offering price.

The Indonesian gold miner's shares fell due to several structural factors: the entire offering consisted of existing shareholder sell-downs with no new capital raised for the company, public subscription was only 4.42 times oversubscribed, and the company reported a net loss of US$27.3 million in 2025 with revenue declining 92.5% year-over-year. Additionally, although its core Pani gold mine produced first gold in February, commercial-scale production remains in its early ramp-up phase.

The stock had opened flat but slid steadily during the session, following a sharp sell-off in dark pool trading the prior day, reflecting subdued market sentiment for the debut.

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