HK Stock Market Move | ZHONGGAN COMM (02545) fell more than 14%, with its stock price halving in the first three days of listing. The company's customers are highly concentrated.

ZHONGGAN COMM (02545) has dropped more than 14%. The stock plummeted 46% on its first day of trading on Wednesday, and fell again today, hitting a low of 0.58 Hong Kong dollars, halving its IPO price. As of the time of writing, the stock has dropped by 14.71% to 0.58 Hong Kong dollars, with a trading volume of 15.8555 million Hong Kong dollars. It is reported that ZHONGGAN COMM focuses on providing telecommunications infrastructure services and digital solutions in China. According to its prospectus, the company's clients include major players in China's telecommunications industry (including the three major telecom operators) and the world's largest telecommunications tower infrastructure service provider. It is worth noting that ZHONGGAN COMM has a high dependence on major clients. In 2023, revenue from the company's top five clients accounted for approximately 592 million yuan, representing about 97.2% of its total revenue, with the largest client accounting for about 48.8% of total revenue.