Core Viewpoint - The listing of Ying Tong Holdings Limited on the Hong Kong Stock Exchange reflects a positive outlook for the consumer market, driven by the rise of emotional economy and self-care consumption trends, despite a poor stock performance on its debut [1][5]. Company Performance - Ying Tong Holdings' stock opened at HKD 2.58 per share, which is 10.42% lower than the offering price of HKD 2.88 per share, raising a total of HKD 960 million by issuing 333.4 million shares [1]. - The company had a subscription price of HKD 3.38 per share during the initial offering, aiming to raise HKD 1.127 billion [1]. - Projected revenues for Ying Tong Holdings from 2023 to 2025 are expected to be HKD 1.699 billion, HKD 1.864 billion, and HKD 2.083 billion, respectively, with net profits of HKD 173 million, HKD 206 million, and HKD 227 million for the same periods [1]. Market Reaction - Despite the company's business performance, the secondary market showed a lack of investor confidence, leading to a significant drop in stock price, with a closing price of HKD 2.40 per share, reflecting a 16.67% decline [5]. - The primary reason for the stock's underperformance is attributed to its business model, which heavily relies on brand licensing, with 99% of its revenue dependent on external brands, limiting operational control [5]. - On the same listing day, other companies like Chow Tai Fook and Saint Bella saw significant stock price increases, contrasting Ying Tong Holdings' performance [5].