On July 2nd, Ge Long Hui| Precision engineering service provider Yuan Xu Technology (8637.HK), produced in Singapore, was listed on the Hong Kong Stock Exchange for the first time. It once fell to HKD 1.51 during the day, a 37.6% drop from the IPO price of HKD 2.42. The public offering of Yuan Xu Technology was oversubscribed by 2479.6 times. As the oversubscription of the public offering exceeded 100 times the initially available shares for subscription, it triggered a 50% callback mechanism, where 50% of the total issuance shares will be reallocated to the public offering. Public information shows that Yuan Xu Technology was established in 2000, headquartered in Singapore, and is a professional supplier of precision engineering services. The company mainly serves international companies in the semiconductor and other industries, providing precision machining and welding services. Yuan Xu Technology has production facilities in Singapore and Malaysia. The Singapore factory mainly provides higher value-added machining services and more complex precision machining processes, while the Malaysian factory mainly provides lower value-added machining services such as polishing and some basic rough machining processes. All precision welding processes are carried out in the Singapore factory. The company mainly provides precision machining and welding services to well-known customers from Singapore, Malaysia, the United States, Switzerland and other countries. Its customers are mostly well-known international companies in different industries, including the semiconductor, aviation and data storage industries, and are important long-term partners. In 2022 and 2023, Yuan Xu Technology's revenue levels remain stable at SGD 39 million and SGD 39 million, respectively, with adjusted net income of SGD 6.545 million and SGD 7.331 million, a YoY increase of 12.0%. The company's gross margins were 41.0% and 37.2%, and net profit margins were 6.9% and 11.4%, respectively. In 2022 and 2023, the company's ROE was 15.0% and 17.1%, respectively, relatively high, and its asset-liability ratios were 24.8% and 15.7%, respectively, with a low debt ratio showing a downward trend.