XIZHI TECH-P's stock plummeted 5.26% during intraday trading on Friday, as selling pressure intensified following the listing of additional shares from an over-allotment exercise.

The company's overall coordinator fully exercised the over-allotment option, issuing approximately 2.069 million H shares at 183.20 HKD per share, raising additional proceeds of about 379 million HKD. These newly issued shares, accounting for roughly 2.8% of total issued share capital prior to the offering, officially commenced trading recently, increasing the circulating supply.

As the world's first listed AI silicon photonics chip company, XIZHI TECH-P has experienced volatile price action since its recent listing on the Hong Kong Stock Exchange. The formal listing of over-allotment shares has heightened market concerns about increased supply weighing on the stock price, contributing to the downward pressure.