Dongshan Precision's Hong Kong-listed shares have fallen below their IPO price. The IPO price was HK$86.8, but it opened at HK$82.4, a drop of over 5%. Even more outrageous is that the public offering was only oversubscribed by 0.52 times. Retail investors almost entirely sold out, resulting in a 100% success rate for first-hand subscriptions. But that's not the worst part. The H-shares were priced at roughly 65% of the A-shares, a discount of about 35%, yet still, no one bought them. Cornerstone investors like Alibaba and Morgan Asset Management invested approximately US$680 million, supporting half of the offering. Institutional investors bail out the market, while retail investors voted with their feet. Some investors who subscribed to the maximum of 600,000 shares suffered a paper loss of approximately HK$3.18 million at the worst point of the day. This is basically confirmed as the coldest IPO of the year. Remember Chabaidao? Back then, the public offering was also oversubscribed by about 0.5 times, and the shares plummeted by about 27% on the first day of trading. Just two weeks ago, the company was suspended from trading by the China Securities Regulatory Commission (CSRC), which stated it was highly concerned about potential manipulation of its IPO, suspected of being a "flying spree"—using undisclosed agreements to fabricate demand and then repatriating the funds. Chabaidao's last IPO completely shattered the trust in Hong Kong IPOs. As for Dongshan Precision, despite having AI concepts, being a Suzhou stock market leader, and having a story about optical modules, the market still isn't buying it. The Yuan family's wealth has skyrocketed on the Hurun Rich List, but Hong Kong stocks are completely unmoved. Most of the stocks listed from Myanmar seem to be junk.