Huaqin (HKG:3296, SHA:603296) said its underwriters fully exercised the overallotment option of its Hong Kong listing, and the stabilization period of its initial public offering ended on Wednesday, May 20, according to a same-day filing with the Hong Kong bourse.

Hong Kong-listed shares of the smart hardware products manufacturer fell nearly 3% in Thursday morning trade.

The company issued nearly 8.8 million H shares at HK$77.70 apiece for additional net proceeds of HK$679.1 million.

The overallotment option was exercised after the same number of shares were over-allocated by the IPO's underwriters in the international portion of the issue.

The number of shares held by the public after the exercise of the overallotment option complied with Hong Kong's listing requirements, the firm said.

Meanwhile, the company completed the purchase of a further 5% stake in Nexchip Semiconductor (SHA:688249) for 2.65 billion yuan.

The firm purchased nearly 100.4 million shares of Nexchip from Powerchip Innovation at 26.41 yuan each, bumping its stake to 11% from 6%.