Glonghui, April 23 | Tianjin C&D (2515.HK) was listed on the Hong Kong Stock Exchange for the first time. At one point, it fell 30% to HK$1.74 in the intraday period, and its market capitalization fell to HK$375 million. Tianjin C&D's IPO was priced at HK$2.5 (price limit below), with a net raise of HK$92.18 million from the global sale. The company is a private construction group that provides comprehensive engineering construction services, including municipal utilities, foundation engineering, construction engineering, and petrochemical engineering. According to the prospectus, Tianjin C&D's revenue for 2021-2023 was 276 million yuan, 289 million yuan, and 319 million yuan, respectively, and net profit for the same period was 41 million yuan, 35 million yuan, and 41 million yuan respectively. Notably, Tianjin C&D's accounts receivable surged in 2023, and the share of accounts receivable in revenue at the end of 2023 rose to 72.88% from 43.06% at the end of 2022.