HK Stock Market Move | Denglin Technology-P (09917) Falls Another 4% on Second Trading Day to New Low, Down Over 12% from IPO Price

Denglin Technology-P (09917) opened flat this morning and briefly rose 1.6% to HK$216.4, then reversed course and hit a new post-listing low. As of press time, it is down 4.6% at HK$203.2, with turnover of HK$12.3695 million. Two trading days after listing, it has fallen 12% from its IPO price of HK$231. On the news front, Denglin Technology is a general-purpose GPU (GPGPU) provider that develops and sells GPGPU products. The company listed on the Main Board of the Hong Kong Stock Exchange on November 10, with its IPO price of HK$231 set at the lower end of the HK$231-288 offer price range. The public offering was only 2.11 times subscribed, while the international placing was 1.34 times subscribed. On fundamentals, the company's revenue grew from RMB27.93 million in 2023 to RMB171.3 million in 2025, with cumulative losses of approximately RMB910 million over the three years; in the first four months of 2026, revenue was RMB200.4 million and adjusted net profit was RMB20.6 million, achieving a turnaround to profitability. SDIC Securities International previously cautioned that the company's 2025 revenue of RMB171 million is only a fraction of that of leading domestic players, with a 1.0% share of the enterprise AI GPGPU market; revenue from its top five customers accounted for 83.0%-98.4% in each reporting period, with a single largest customer accounting for 38.0% in the first four months of 2026, and its largest customer in 2024 having already dropped out of the top five, with major customer switching risk directly hitting its revenue base. The IPO valuation of HK$14.05-17.52 billion corresponds to a 2025 revenue PS of approximately 70-88 times, which has already priced in considerable expectations for domestic computing power substitution.