Zhejiang Sanhua Intelligent Controls Co, the Chinese mainland maker of fridge parts that’s working on becoming a cutting-edge robotics company, declined during its Hong Kong Special Administrative Region trading debut after its HK$9.3 billion ($1.2 billion) debut stock offering.

The shares opened at HK$20.95 each on Monday, 7 percent lower than its listing price of HK$22.53, and it follows the stock’s decline in Hong Kong’s gray market on Friday. In its listing, Sanhua shares had been sold at the high end of their marketed range, and attracted blue-chip cornerstone investors such as Jane Street Group, GIC Pte and Schroders Plc.

Though the company is a major player in some established industries — ranked No. 1 globally for refrigeration and air-conditioning control components, as well as for certain car parts — revenue is slowing. That’s prompting the company to explore whether it can leverage some of its expertise for emerging fields such as bionic robotics.

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Sanhua is the latest mainland-traded company to pursue a big second listing in the SAR. Last week, Foshan Haitian Flavouring & Food Co, the mainland’s biggest soy sauce maker, began trading in the city after its HK$10.1 billion listing. And earlier this year, Contemporary Amperex Technology Co Ltd raised HK$41 billion in the world’s biggest listing this year.

Sanhua plans to use part of the proceeds for research and development for products such as electromechanical actuators, which are key to helping gain precise control of joints in bionic robots. Although it’s not making any money on it now, the company said the market for bionic robot electromechanical actuators is expected to grow exponentially and reach about 62.8 billion yuan ($8.7 billion) by 2029.

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China International Capital Corp, and Huatai International were joint sponsors for Sanhua’s listing in Hong Kong.