Shares ended the day 2% lower at HKD 960 (USD 122.38) each, compared to the HKD 980 offer price. The company’s robust rally earlier this year in Shenzhen is also a key reason for its decline in Hong Kong. The company sold 54.5 million Hong Kong shares, with the offering price offering nearly a 3% discount to the upper marketed limit of HKD 1,010 and roughly a 21% discount compared to its July 27 closing price in Shenzhen. “The initiation of the share repurchase scheme appears closely linked to the Hong Kong listing,” said an analyst from Everbright Securities International. “Innolight aims to halt the decline in Shenzhen’s share price to bolster confidence among Hong Kong investors and support the company’s post-listing performance there.”