The share price of Li Ka-shing's CK Life Sciences International (Holdings) fell as much as 5.8 per cent on the second day of trading yesterday, reflecting a loss of confidence by retail investors. Shares fell to HK$2.02 in morning trade before bouncing back to close at HK$2.10, down 2.33 per cent from Tuesday's close. The biotechnology firm's share initial public offering (IPO) debuted at HK$2 on the Growth Enterprise Market on Tuesday. 'Small investors were rushing to dump their shares for fear of suffering losses,' DBS Vickers Securities sales manager Steven Leung Wai-yuen said. The selling pressure was aggravated by retail investors who applied using white forms and received their share certificates yesterday. 'They, too, dumped their shares even at a minor loss,' Mr Leung said. A total of 778.19 million CK Life Sciences shares have been sold in the past two days - 133.71 million yesterday and 644.48 million on Tuesday. The retail portion of CK Life Sciences shares account for 50 per cent of the 1.3 billion new shares issued by the company. 'The majority of the shares in the hands of retail investors must have been unloaded by now,' Mr Leung said. He said many retail investors sold their CK Life Sciences shares to raise capital to invest in the forthcoming IPO of BoC Hong Kong (Holdings). Conita Hung Lai-ping, head of research at Delta Asia Finance, has forecast CK Life Sciences shares to remain at the HK$2 level in the short term before rising to the HK$2.20 to HK$2.30 range. The volatile performance of CK Life Sciences' share price in the past two days was acceptable because it was still above the issue price even in the face of the worsening global sentiment, Ms Hung said. However, many small investors expressed disappointment at failing to make sizeable profits after the counter's GEM appearance. On Tuesday's debut, retail investors who sold their individual allocation of 2,000 shares at the peak made a profit of only HK$350 after deducting broker's fees.