Great Wall Power 16th October | China's third-largest audio and video PaaS service provider, Alibaba-backed Qiniu Intelligent (2567.HK), fell below its IPO price on its first day of listing, plummeting by over 50% to 1.27 Hong Kong dollars at one point during the trading session. As of now, trading volume has exceeded 74 million Hong Kong dollars, with a market cap dropping to less than 2.6 billion Hong Kong dollars. The stock's public offering was oversubscribed by 18.87 times, with an allotment rate of 80% for one lot. 2 lots were subscribed with one held steady, pricing close to the lower end level of 2.74-2.86 Hong Kong dollars (IPO price of 2.75 Hong Kong dollars). Qiniu Intelligent mainly provides audio and video solutions, with over 1.5 million registered users as of the end of March this year, including around 0.6439 million active users. Customers cover a wide range of sectors such as entertainment, social networks, medical, financial services, autos, telecommunications, and intelligent manufacturing. The first-quarter revenue as of the end of March this year reached 0.342 billion yuan, a 26.39% year-on-year increase; the first- quarter loss was 0.148 billion yuan, compared to a loss of 98.329 million yuan in the same period last year; Adjusted net loss was 24.241 million yuan, compared to an adjusted net loss of 30.741 million yuan in the same period last year. (Great Wall Power)