Growth Enterprise Market (GEM) candidate HK Cyber has cut its issue price for the second time in an effort to lure retail investors and boost the liquidity of its shares. The financial news portal, a unit of Skynet, would lower its issue price by as much as 80 per cent, company executives told analysts and fund managers yesterday. The company set an original target price of HK$3.20 when it submitted its listing application to Hong Kong Exchanges and Clearing two months ago. That was reduced to a range of HK$1.20 to HK$1.50 last week. With a further price cut HK Cyber will be the fourth GEM candidate to issue its shares at less than HK$1 - a trend started by software and information technology-services provider Grandmass Enterprise Solution, which placed 119.15 million shares at 50 HK cents each three weeks ago, raising HK$59.58 million. Recruitment advertiser Panda-Recruit has been the most aggressive, setting its share-price range at a rock-bottom 26 HK cents to 30 HK cents a share. Faced with sluggish performance on the technology-dominated second-board market, GEM candidates have been moving into the penny-stock realm in an attempt to drum up investor interest. 'We hope to boost public participation and the liquidity of our stock after listing,' Skynet chairman Stephen Shiu Yeuk-yuen said. The company had been advised by its sponsor to reduce the price range, he said. However, the intended HK$150 million to HK$200 million issue size would remain unchanged. Shanxi Central Pharmaceutical International is set to become the fifth company to issue its shares at below HK$1. The company yesterday said it would issue 105 million shares at 85 HK cents each to raise net proceeds of HK$48.8 million.