Changes in Hong Kong stocks | Associated Press (02671) plummeted by more than 18% and fell below the issue price on the second day of listing, with a total market value of less than HK$800 million

The Zhitong Finance App learned that on the day after listing, the Associated Press (02671) plummeted by more than 18%, hitting HK$6.19 falling below the issue price of HK$7.1. As of press release, it fell 18.06% to HK$6.26, with a turnover of HK$7.3526 million, with a total market value of less than HK$800 million.

According to public information, Midland Co., Ltd. is a comprehensive prefabricated steel construction subcontract service provider. The company was founded in 1999 and mainly provides comprehensive services for construction projects in the automotive, machinery, catering, textile and other industries, covering project design and optimization, procurement, manufacturing and installation. The main business is divided into prefabricated steel structure construction subcontracting services; professional engineering general contracting; industrial environmental protection equipment.

According to the Frost & Sullivan report, in terms of 2024 revenue, the company ranked third in the industrial sector of China's precast steel construction market, with a market share of 3.5%. Guoyuan International previously commented that it is expected that in the future, with the implementation of national policies and regional government plans for adopting prefabricated buildings, the prefabricated construction market is expected to expand one step further, but considering that the company's performance has fluctuated greatly in recent years, the company's offering price range is about 10.4-13.4 times PE in 2024, and the valuation is too high.