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BEIJING, October 18 (TMTPOST) — Chinese AR and VR content service provider Flowing Cloud Technology was listed on the main board of the Hong Kong Stock Exchange (HKSE) on Tuesday, making it the first metaverse stock in Hong Kong.

The IPO was priced at HK$2.21 ($0.28) per share, close to the lower end of the price range. The company offered 271.5 million new shares, raising HK$532 million ($67.77 million) if the over-allotment option is not exercised.

After the opening, the share price of the company nosedived immediately, with a drop of 9% at large, and rose up to 3% at 11:00 am. The market closed at noon, and reported 2.28 HKD ($0.29) / share, up 3.17%. In the afternoon trading session, the share price fell again.

Flowing Cloud Technology finally closed at HK$2.12 ($0.28) per share, down 4.07%, with a total market value of HK$3.801 billion ($484.19 million), lower than the company's expectation of HK$4.6 billion ($585.98 million).

Flowing Cloud Technology was a game company founded in Beijing in 2008 and listed on the New Third Board in 2017. As the game license in China was suspended for a long time in 2018, the company stopped the game business in 2019 and was delisted from the New Third Board, with a market value of only 350 million yuan ($48.5 million). On July 8, 2022, the company submitted an application for listing on the HKSE and passed the hearing on September 22.

The IPO of Flowing Cloud Technology in Hong Kong was subscribed 1.05 times, a lot winning rate of 100%. The international IPO was subscribed 1.07 times. The company introduced five cornerstone investors on Monday with a combined subscription amount of 167 million yuan ($23.14 million).

Flowing Cloud Technology's business mainly includes providing AR/VR-based marketing services for customers, i.e. using AR/VR content and development tools to help customers place advertisements. In addition, the company also provides customized AR/VR content, selling a SaaS (Software as a Service) platform that allows customers to complete their own content development, and licensing IP for games, movies, and TV.

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