Shares of Singapore-listed fabric maker China Gaoxian (CGXF.SI) dropped as much as 14.8% on Tuesday to over a three-week low after its Korean depository receipts (KDR) fell on their first trading day.

At 10:11 a.m., shares of China Gaoxian were 13.6% down at $0.38 with over 38 million shares changing hands.

China Gaoxian’s KDR (950070.KS) fell as low as 5,360 won a piece, compared with an offer price of 7,000 won.

“Fabric makers are currently facing some margin squeeze. So, their KDR pricing looks unattractive to some investors,” said a local trader.