Chinese ticketing platform Maoyan lost 1% of its share value on its first day trading in the Hong Kong Stock Exchange. As it closed on Monday, trades were going for HK$14.64.

Regulatory filings showed that shares were issued at a HK$14.8 price point – the lower end of the price range indicated by the company. With that listing price, Maoyan got valuated at under $2.2 billion – less than what was used for the previous round of private funding.

Early market trading dropped the share value even more. The current HK$14.64/share value puts the company at a $2.12 billion market cap.

The IPO attracted 2.32 times more bids than the shares available, leading the company to label it as “moderately oversubscribed”. Offering banks were left out of the operation.

However, once the offer was over, a concentration warning was sent out. This means that a small number of people holds a high concentration of the stock. The five largest shareholders now own 79% of the equity.

In total, the IPO raised $235 million in “new money”. Out of that, 30% will go to move forward integration with other platforms, 30% towards R&D, and a last 30% for acquisitions. The remaining 10% will be added to the capital pool.

All of this happened in only half a day, as the HKSE went on a three-and-a-half-day-long break because of the Chinese New Year.