ELECTRONIC counters regained some of the ground lost last week in a day of mixed trading. The All Ordinaries Index dropped 1.47 per cent to close 75.74 points down at 5,073.35. The big story of the day was new listing Chaifa Holdings. The company, which makes products under the Playboy brand name, was listed on the exchange to raise capital to finance its China operations. It plans to add about 35 speciality shops and 100 concessionary counters in China, with 30 of the shops and 80 counters being operated by authorised dealers. The company issued 51 million shares, or 25 per cent of its enlarged share capital, at $1.06 each. The pricing put the shares at 6.5 times prospective 1994 earnings on a weighted average basis or 8.5 times on a fully-diluted basis. However, like several other recent new listings, the counter failed to impress investors and was sold down in heavy trading. The counter closed at 99 cents, although at one stage during trading it hit a low of 90 cents. Turnover was 13.55 million shares, which represented more than a quarter of its share issue. Other new listings which performed poorly included furniture group Pricerite and music-box maker Matrix Holdings. Analysts were wondering whether the public appetite for new listings would diminish, given a deteriorating market outlook. Chaifa was only 1.86 times subscribed, considered a poor sign given that some other listings have been more than 50 times oversubscribed. The market will be keenly watching the performance of drinks-maker Vitasoy, whose offer period finishes on Friday. Hysan Development was the seventh heaviest traded stock in value terms, edging out New World Development, Hongkong Telecom and China Light and Power. Peregrine Securities later issued a $100 million covered warrant on Hysan, which accounted for the high turnover. The counter edged up 70 cents to $27. Printing company Leefung-Asco Printers remains suspended pending an announcement. The company previously outlined plans to produce books in Beijing and analysts suspect the pending announcement may be related to its mainland interests. Golden Power was the biggest loser of the day, falling 11 cents to $1.01. The company, which was listed in May last year, primarily makes batteries and electronic components. Golden Power recently diversified into production of semi-finished electrical products such as calculator key-pads, sensor alarm clocks and hand-held games. Paramount Printing was the second worst performing stock. Controlled by Seapower International, the printing group specialises in books and magazines as well as financial printing. The counter dropped 13 cents to $1.38. Recently listed watchmaker Peace Mark was the second best performing stock, gaining four cents to 50 cents. The best performing stock was Nority International, which gained six cents to 72 cents.