According to Futu News on August 12, the mobile card of the technology payment platform landed on the Hong Kong Stock Exchange on June 1 this year and has soared all the way to HK $80, up as much as 38% compared with the stock price.

But the good times did not last long. The stock plunged yesterday and fell nearly 30 per cent in intraday trading. Today, the stock continues to weaken and is now down 13.07 per cent at HK $45.9, with a temporary turnover of HK $200m and a total market capitalization of HK $19.5 billion.

It is reported that mobile card is China's leading payment-based technology platform, providing payment and business services for merchants and consumers. The company relies on providing payment services to obtain customers and provide them with technology-enabled business services. The company began to operate payment services in 2012, mainly providing customers with one-stop payment services. With the help of the integrated technology platform, the company expands its products and services to technology-enabled business services, including merchant SaaS products, marketing services and financial technology services.

Yan Zhaojun, an analyst at Sino-Thai International Strategy, said that the small number of subscribers when the mobile card was listed, resulting in a concentration of goods in the market. The top 10 economic seats + physical shares accounted for 96.62% of the shares, and the liquidity of the market was very small. According to the company announcement, the total share capital of the company is 426 million shares, 152 million shares are held by the public, and the real outstanding shares are even less. Trading volume was more than 10 million shares yesterday, and a small capital sell-off could trigger a huge shock in share prices. Yan Zhaojun further said that sometimes the collapse in stock prices is not a change in the fundamentals of the company, but more speculation behind the capital.

It is worth mentioning that some people in the industry told Fortune Information that because there is no limit on the rise and fall of new stocks in Hong Kong, the phenomenon of sharp rise and fall in Hong Kong is more, the risk is greater, and investors should pay attention to the risk.