ROBOTPHOENIX (06871) saw its shares drop more than 20% in the afternoon session, extending its decline for a third consecutive trading day. At the time of writing, the stock was down 20.53% to HKD 32.6, with a turnover of HKD 73.73 million.

The company listed on May 18 at an offer price of HKD 30.5. Its public offering was oversubscribed by approximately 14,855 times, making it the most oversubscribed IPO in Hong Kong's history. On its first trading day, the stock surged to an intraday high of HKD 59.65. However, it has declined for three straight sessions since then, touching HKD 32.18 during today's trading, representing a pullback of over 40% from its first-day peak.

Analysis suggests that the extremely high oversubscription multiple may have been partly due to the initially small size of the public offering. When market funds concentrated on participating, it easily led to an exceptionally high subscription result. Furthermore, new listings that lack a greenshoe option and cornerstone investors often face relatively greater pressure in managing liquidity during the initial post-listing period.