AR and VR service provider Flowing Cloud was officially listed on the Hong Kong Stock Exchange on October 18 as its first metaverse-related stock, with an opening price of HK$2.21 (0. $28) per share, equal to the issue price. However, the shares then saw a 2.36% drop to HK$2.07 on October 19, resulting in a total market value of around HK$3.747 billion.

Flowing Cloud’s prospectus is quite eye-catching, as it mentions “metaverse” over 300 times. Founded in 2008, Zhangzhong Feitian Technology, the predecessor of Flowing Cloud, was listed on the National Equities Exchange and Quotation (NEEQ) in 2017. It was aimed at the mobile gaming market, then gradually turned to AR and VR, pulling out of NEEQ. in 2019. In 2021, when the metaverse concept suddenly became a success, the company…