TMTPOST — Shares of wind-power equipment manufacturer Dajin Heavy Industry Co., Ltd. slid as much as 11.1% on Friday during their debut on the Stock Exchange of Hong Kong, following an oversubscribed dual-listing that raised HK$6.64 billion ($847 million). The Shenzhen-listed clean energy hardware fabricator priced its primary H-share offering at the maximum threshold of HK$66.40 apiece, fully exercising its upsize allotment to value the complete cap table at HK$53 billion. The underlying funding channel drew $358 million from prominent cornerstone institutional investors, including Singapore's sovereign wealth fund GIC, alternative asset manager Hillhouse Investment, and hedge fund firm Millennium Management, subject to a six-month lock-up mandate. Retail public demand triggered a heavy oversubscription multiplier of 134 times the baseline domestic allocation, creating an immediate liquidity test for non-artificial intelligence industrial listings amid broad equity market volatility tied to ongoing Middle East geopolitical conflicts. The weak trading performance interrupts a period of strong debut momentum within the Chinese Mainland's offshore issuance corridor, where new listings had generated a weighted average return of approximately 122% this year. The flotation marks Hong Kong's largest capital market transaction since printed circuit board manufacturer Victory Giant Technology Huizhou Co., Ltd. raised $2.57 billion in April. This pivot toward large-scale secondary industrial listings reflects critical capital allocation shifts, as global asset managers realign long-term portfolios to fund capital-intensive industrial manufacturing pipelines outside of traditional digital ecosystems.