Intcera High Tech Group's shares plunged more than one-third yesterday from their issue price in the company's debut on the Growth Enterprise Market. The counter closed at HK$1.16, a discount of 34.83 per cent to its initial public offering price of HK$1.78, despite the GEM Index rising 1.85 per cent to 448.59. Intcera manufactures components which form part of connectors used in fibre-optic telecommunications networks. Brokers said the company's growth potential did not stand out to investors who are faced with a barrage of new listings, such as Excel Technology International Holdings and Phoenix Satellite Television. 'The business of the company is not very attractive,' Tung Tai Securities associate director Kenny Tang Sin-hing said. He cited the company's poor profit record. Investors would probably give a better reception to a company such as Henderson Cyber when it commenced trading later this month, said Mr Tang. The stock was not helped by the fact that the company did not carry out a public offering but placed all 81 million shares in an issue sponsored by Yuanta Securities. Trading volume was high with 43.12 million shares changing hands - more than half the number placed by the company. The plunge in the counter comes with the GEM Index closing at a record low on Thursday of 440.42, reflecting poor second-board sentiment.