NASDAQ:RRGB 20 May 2026 - 25 May 2026

July 9, 2026, 5:50 AM EDT. Hong Kong's IPO market is cold for small-caps, with liquidity tight and investors chasing bigger deals like Zhipu AI. Out of 13 fresh listings, five opened under water, among them Apple supplier Luxshare, down over 9% at the debut. Rigol Technologies and Beijing TRT Healthcare sank more than 30%. Only Qiyunshan Food managed to double. Yongkang Holdings scrapped its July 13 IPO, even after retail orders were oversubscribed. UOB Kay Hian's Steven Leung said AI stocks raising money are under pressure as lock-ups expire and Asia-US market weakness continues. Profit-taking in AI names is dampening new deal appetite, leaving smaller floats exposed.