According to the intelligence of the Finance APP, recent IPO, BaWang International (06657), was listed for the first time on Tuesday with an offering price of HKD 36. After the listing, the stock price rose to HKD 51.5 at one point, but fell again during today's trading and as of press time, it fell 24.37% and was reported at HKD 36, with a turnover of HKD 11.5032 million. The total market value is about HKD 8.1 billion.

It is reported that Baiwang Shares focuses on providing intelligent solutions related to financial and tax digitization and data-driven services through the Baiwang cloud platform. According to Frost Sullivan's report, by 2023, in terms of revenue, Baiwang Shares ranked first in China's cloud-based financial and tax-related transaction digitization market, with a market share of 7.1%.

However, the company's performance has been disappointing. According to the prospectus data, the company's annual losses from 2021 to 2023 are approximately RMB 0.448 billion, RMB 0.156 billion, and RMB 0.359 billion, respectively, with a total accumulated loss of RMB 0.963 billion over three years. It is reported that the proportion of shares issued globally by Baowang shares in this offering is about 4.10%, with a total fundraising of HKD 0.333 billion. Among them, the proportion of domestic allocation is 90%, and 1 cornerstone investor (Jiangsu Yuanli) is introduced, accounting for approximately 78% of the shares issued globally.