Growth Enterprise Market (GEM) listing committee chairman Lo Ka-shui (left) congratulates Henderson group chairman Lee Shau-kee on the listing of its Internet subsidiary yesterday. Henderson Cyber closed two cents below its issue price at HK$1.23, off an intraday low of HK$1.17. Another GEM newcomer, software provider Grandmass Enterprise Solution, closed two cents above its issue price at 52 HK cents, having risen 40 per cent to 70 HK cents in early trade. The GEM index slipped 1.21 per cent, or 5.85 points, to 474.08 despite a 1.84 per cent increase on the Nasdaq overnight. Analysts said the disappointing performance of Henderson Cyber, despite its blue-chip background, would further weaken buying sentiment on the GEM. However, Mr Lee said it was 'no big deal' and the company's performance had been stable. 'New shares will improve gradually,' he said. The company's institutional offer had been fully subscribed, while the retail offer was four times oversubscribed. It raised HK$937 million, issuing 750 million new shares at HK$1.25 each. Analysts expected the Henderson group would make an exceptional gain of about HK$400 million to HK$500 million from the spin-off of Henderson Cyber. Mr Lo said the fall in Hong Kong technology stocks reflected a worldwide correction.