Top Win International Limited (NASDAQ: TOPW), a Hong Kong-based luxury watch wholesaler, saw its stock plummet 6.50% during intraday trading on Wednesday, following a volatile debut on the Nasdaq Capital Market. The dramatic shift comes after an initial surge of nearly 90% earlier in the day, highlighting the unpredictable nature of newly listed stocks.

The company had announced the pricing of its initial public offering (IPO) at $4.00 per share, offering 2,664,000 ordinary shares with the expectation of raising approximately $10.6 million in gross proceeds. Trading commenced on April 2nd under the ticker symbol "TOPW," initially drawing significant investor interest and heavy trading volume.

However, the enthusiasm seems to have cooled as the trading session progressed. Market analysts suggest that the sharp decline could be attributed to profit-taking by early investors or a natural market correction following the initial spike. This pattern is not uncommon for newly listed stocks, especially those that experience substantial gains in their first hours of trading.

As Top Win International navigates its first days as a public company, investors will be closely watching to see how the stock stabilizes and whether the company can effectively utilize its newly raised capital to expand its luxury watch business in the competitive Asian market.