China Gan Communication (02545) plunged more than 14%, plummeting 46% on its first day of listing on Wednesday, and fell again today, dropping to a low of HKD 0.58, which is half of the IPO price. As of press time, it fell by 14.71% to HKD 0.58, with a turnover of HKD 15.8555 million.
According to the Wisdom Financial News APP, China Gan Communication (02545) fell more than 14%, plummeting 46% on the first day of listing on Wednesday, and fell again today, dropping to a low of HKD 0.58, which is half of the IPO price. As of press time, it fell by 14.71% to HKD 0.58, with a turnover of HKD 15.8555 million.
It is reported that China Gan Communication focuses on providing telecommunications infrastructure services and digital solutions for infrastructure in China. According to the prospectus, the company's customers cover major players in China's telecommunications industry (including the three major telecommunications operators, China's three major telecommunications network operators) and the world's largest telecommunications tower infrastructure service provider.
It is worth noting that China Gan Communication has a high dependence on large customers. In 2023, income from the five major customers of China Gan Communication is expected to account for approximately CNY 0.592 billion, accounting for about 97.2% of its total revenue, while its largest customer is expected to account for approximately 48.8% of its total revenue.