School of Business and Management Department of Finance 187 Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: XU Han / RMBI Course: UROP1100, Spring Right before its IPO on Hong Kong Main Board, Qingci is quite active in capital market. The biggest Stakeholder- G-bits potentially sold its stake to Alibaba Lingxi, Guangxi Tencent and Shanghai Hode . This is the first time that Alibaba, Bilibili and Tencent become cornerstone investors at the same time for one single games company. Qingci’s first quarter revenue in 2021 also largely increased. It seems that Qingci was fully prepared for its IPO. However, after its IPOwith the subscription price of $11.2, its stock price keeps dropping until about one third of this original price. The report aims to study this unusual observation of Qingci Games and try to analyze the reason behind the decrease of stock price.