Hong Kong Internet of Things company Meihua Chuangfu (MGRT.US) landed on Nasdaq last night with an initial offering price of $4 per share, dropping nearly 5% on its first day of trading.

According to the Zhikua Financial APP, Meihua Wealth (MGRT.US), which provides IoT solutions and services for enterprises in the Asia-Pacific region, conducted its IPO on the US stock market on July 16th Eastern Time. It issued 3.8 million shares at $4 per share, raising a total of $15 million. The IPO price was at the lower end of the $4 to $5 issuance range. On the first day of trading, the stock dropped by 4.75% to $3.81.