The stock was trading at HK$829.580, down HK$121.40, or 12.77 percent, from its offer price of HK$980, after opening at HK$971.
The retreat came as the benchmark Hang Seng Index opened up 67 points, or 0.26 percent, at 25,875.
The tech index was up 21 points, or 0.43 percent, at 4,885 while the China enterprises index was 50 points, or 0.59 percent, higher at 8,674.
Zhongji topped the most actively traded stocks by turnover in early trade in Hong Kong, ahead of Tencent and Xiaomi.
Its debut comes after a sharp pullback in Asian chip shares rattled the AI trade, as investors questioned high valuations, the cost of building AI data centres and rising competition from mainland technology suppliers.
The listing is Hong Kong’s largest share sale this year and the city’s biggest since Alibaba Group raised US$12.9 billion in a secondary listing in 2019, according to LSEG data.
It is also Asia’s second-largest listing so far in 2026, after memory chipmaker CXMT debuted up 466 percent following a US$8.6 billion IPO in Shanghai on Monday.
On the mainland, the Shanghai Composite Index opened down 16 points, or 0.43 percent, at 3,812.
The Shenzhen Component Index opened 127 points, or 0.93 percent, lower at 13,531 while the ChiNext Index opened down 47 points, or 1.4 percent, at 3,331.
Stocks elsewhere in the region struggled for direction on Thursday, nursing steep losses for the week on mounting investor jitters around the AI trade.
Asian chipmakers have been the centre of attention this week after a deep selloff in South Korean stocks that wiped more than US$2 trillion from the country’s equity market and investors fretted about the returns from massive AI spending.
In Seoul, the Kospi opened 18 points, or 0.33 percent, higher at 5,681 before rising further.
In Tokyo, the Nikkei opened down 175 points, or 0.29 percent, at 61,258 before reversing direction to be 888 points, or 1.45 percent, higher at 62,323 at one stage before noon. (Reuters & Xinhua)
