China XLX Fertiliser’s (1866.HK) roller-coaster ride is set to spark more controversy for HK stock listings by way of introduction, which create a secondary listing with no new shares issued, says Dow Jones.

At 12 noon in Hong Kong, China XLX was trading at HK$6.55 ($1.17) after earlier spiking to HK$10, sharply higher than Singapore-traded shares (B9R.SG), despite jumping 18% on the SGX, trading at equivalent of HK$3.35.

China XLX was the first firm to list in Hong Kong by way of introduction after Asian Citrus (0073.HK) fiasco, which prompted demonstration by angry investors regarding adequate information disclosure in such listings.

Asian Citrus soared to as high as HK$51.25 in first day of trade Nov 26, now down 2.1% at HK$6.87.

Dow Jones says it won’t be surprising for HK-traded China XLX to gradually come down to trade at level more or less on par with Singapore-traded shares.

China XLX’s market cap is similar to Asian Citrus but its trading volume so far at HK$9.4 million, pales in comparison with Asian Citrus’ HK$291 million on debut, suggesting some investor caution.