#长鑫开盘跌7.7% Changxin Technology (688825) did indeed drop 7.71% at market open on its second trading day after listing (July 28).

However, after the open, it quickly surged, turned positive and briefly flipped to gain, reflecting extremely high levels of market contention. Key background information is as follows:

· Specific data: The opening price was 45.22 yuan per share, down from the previous day’s closing price of 49.00 yuan. The market cap at one point fell back to about 3.02 hundred billion yuan.
· Main reason for the decline: Mainly “profit-taking.” Its first day after listing surged 465.82%, and the turnover rate was as high as 66.40%. Large amounts of shares completed the exchange, so on the second day the stock faced selling pressure at the open.
· Subsequent performance: Despite the sharp gap down, the willingness of funds to step in remained strong. The stock was quickly pulled back. By the midday close, the decline narrowed to 1.63%, to 48.20 yuan.

There should be institutions supporting the price. The speculators wanted to push it down, but the institutions caught it.