Haoxin Holdings Ltd (HXHX) saw its shares plummet by 19.66% during Tuesday's intraday trading, marking a disappointing debut on the Nasdaq. The stock's performance fell significantly short of expectations, with shares trading well below the initial public offering (IPO) price.

The company had priced its IPO at $4 per share, offering 1.75 million Class A ordinary shares to raise gross proceeds of $7 million. However, investor sentiment quickly turned negative as trading began. While the stock briefly touched a high of $6.29, it rapidly declined, reaching a low of $3.20 during the session. The heavy trading volume, exceeding 6.84 million shares, reflected the intense market activity surrounding the newly listed stock.

Despite the challenging debut, Haoxin Holdings has outlined plans for the use of its IPO proceeds, including the acquisition of new vehicles, pursuit of strategic acquisitions, and upgrades to its IT systems. The company's underwriters retain a 45-day option to purchase up to an additional 262,500 shares at the IPO price. As the market digests this underwhelming start, all eyes will be on Haoxin Holdings to see how it navigates its early days as a public company.