Dongshan Precision's H-share offering debuted below issue price. Issue price: HK$86.8; opened directly at HK$82.4, a drop of over 5%. Even more striking, the public offering received only 0.52 times subscription. Retail investors largely fled, resulting in a 100% allocation rate for one lot. But that’s not the worst part. The H-shares are trading at roughly a 35% discount compared to A-shares—nearly a 65% discount—yet still no buyers. Anchor investors like Alibaba and J.P. Morgan Asset Management collectively invested about $680 million, covering half the offering. Institutions bailed it out; retail investors voted with their feet. Some investors subscribed at the maximum limit of 600,000 shares, suffering peak unrealized losses of approximately HK$3.18 million. It’s now firmly the worst new listing of the year. Remind you of Chabudao? Back then, public subscription was also around 0.5 times, and the stock plunged about 27% on its first day. Just two weeks ago, it was suspended by the SEC amid heightened concerns over potential manipulation of the IPO—suspected “wei fei” activity: fabricating demand through undisclosed agreements and recycling proceeds back into the system. Chabudao shattered investor confidence in Hong Kong IPOs last time. Here at Dongshan Precision, all the narratives are there—AI theme, “King of Suzhou stocks,” optical module story—but the market still won’t buy in. The Yuan family’s wealth surged on the Hurun Report, yet Hong Kong investors completely ignore it. It feels like most stocks coming to Hong Kong from Mainland China are just garbage.