Core Viewpoint - Fengcai Technology (01304.HK) has seen its stock price drop to a record low of 119.60 HKD, falling below its initial public offering (IPO) price since its listing on July 9, 2025 [1] Group 1: Stock Performance - The stock closed at 121.60 HKD, reflecting a decline of 4.025% [1] - The intraday low of 119.60 HKD marks the lowest price since the company's IPO [1] Group 2: IPO Details - Fengcai Technology issued a total of 18,744,400 shares during its IPO, with 8,149,800 shares allocated for public offering and 10,594,600 shares for international offering [1] - The final IPO price was set at 120.5 HKD, raising a total of 2,258.70 million HKD, with net proceeds amounting to 2,136.32 million HKD after deducting estimated listing expenses of 122.38 million HKD [1] Group 3: Underwriters and Investors - The exclusive sponsor and overall coordinator for the IPO was CICC, with joint global coordinators including Bank of China International and GF Securities (Hong Kong) [1] - Key cornerstone investors included Taikang Life, Baoyin, 3W Fund, Wind Sabre, Huaxia Fund (Hong Kong), Mega Prime, Sanhua International Singapore, Fourier Capital, Torus, and Intac [1]