This photo taken on Aug 22, 2023 shows the Hong Kong Stock Exchange in Central, Hong Kong. (EDMOND TANG / CHINA DAILY)

SYDNEY - Shares in mainland hospital cloud software firm Neusoft Xikang slumped nearly 35 percent in the company's Hong Kong trading debut on Thursday.

The company raised $81.5 million in its initial public offering (IPO) last week and priced the shares at HK$4.76 each, the bottom end of the price range flagged to investors.

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AI startup firm Beijing Fourth Paradigm opened 13.4 percent higher at HK$63.10 per share in its Hong Kong trading debut on Thursday

Neusoft Xikang opened down 22.4 percent and sold off sharply early in the Hong Kong trading session on Thursday.

Investor demand for the share sale was weak, with retail shareholders not taking up their full entitlement in the deal, according to the company's Hong Kong Stock Exchange filings.The institutional portion of the deal was only covered 1.15 times, which is considered weak demand during an IPO.

Separately, mainland AI startup firm Beijing Fourth Paradigm opened 13.4 percent higher at HK$63.10 per share in its Hong Kong trading debut on Thursday.The firm raised $151 million in its IPO and also priced its shares at the low point of the price range.

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Retail demand for Beijing Fourth Paradigm was considered stronger than usual with that tranche 11.4 times covered, according to its filings.