Changes in Hong Kong stocks | Denglin Technology-P (09917) fell for four consecutive days after listing, and now fell more than 9% to a new low, and the total market capitalization fell below HK$11 billion

The Zhitong Finance App learned that Denglin Technology-P (09917) fell for the fourth day in a row after its launch. This morning, it fell more than 8%, hitting a new low of HK$178 and falling more than 20% from the issue price of HK$231. As of press release, it fell 9.09% to HK$179, with a turnover of HK$10.9966 million, and the total market capitalization fell below HK$11 billion.

According to the news, Denglin Technology is a general purpose graphics processor (GPGPU) provider that develops and sells GPGPU products. Previously, the public sale only received 2.11 times the subscription, and the national subscription was 1.34 times. On the financial side, from 2023 to 2025, the company's revenue increased from 27.93 million yuan to 171.3 million yuan, with a loss of about 910 million yuan over three years; revenue for the first four months of this year was 200.4 million yuan, and adjusted net profit recorded 20.6 million yuan, turning a loss into a profit.

China Investment Securities International previously pointed out that the company's revenue of 171 million yuan in 2025 was only a fraction of the leading domestic manufacturers, and the company's AIGPGPU market share was 1.0%; 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the single largest customer accounted for 38.0% in the first 4 months of 2026, and the largest customer had already withdrawn from the top five in 2024.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 basic revenue market. 18C's uncommercialized attributes and limited room for valuation fault tolerance.