Changes in Hong Kong stocks | Denglin Technology-P (09917) fell another 4% the day after listing, reached a record low and fell more than 12% from the issue price

The Zhitong Finance App learned that Denglin Technology-P (09917) once rose 1.6% to HK$216.4 after opening flat this morning, then turned down to a new low. As of press release, it fell 4.6% to HK$203.2, with a turnover of HK$12.3695 million. The cumulative decrease over the two trading days of listing was 12% compared to the issue price of HK$231.

According to the news, Denglin Technology is a general purpose graphics processor (GPGPU) provider that develops and sells GPGPU products. The company was listed on the main board of the Hong Kong Stock Exchange on November 10. The issue price of HK$231 was already at the lower end of the offer price range of HK$231 to HK$288. The public sale only received 2.11 times the subscription and 1.34 times the national subscription. Fundamentally, the company's revenue from 2023 to 2025 increased from 27.93 million yuan to 171.3 million yuan, with a three-year loss of about 910 million yuan; revenue for the first four months of 2026 was 200.4 million yuan, and adjusted net profit recorded 20.6 million yuan, turning a loss into a profit.

SDIC Securities International warned that the company's revenue of 171 million yuan in 2025 was only a fraction of the leading domestic manufacturers, with a 1.0% AI GPGPU market share; the top five customers accounted for 83.0%-98.4% of revenue in each reporting period, the single largest customer accounted for 38.0% in the first 4 months of 2026, and the largest customer had already withdrawn from the top five in 2024. The risk of major customer switching directly impacted the revenue base market. The issuance market value of HK$140.5-17.52 billion corresponds to about 70-88 times PS revenue in 2025, which has been factored into many domestic computing power replacement expectations.