China Gaoxian (I4U.SG) is down 17.1% at $0.365 with 58 million shares traded, as its Korean depository receipts (950070.SE) tumble on their debut on the Korean stock exchange; in Seoul, the stock is down 4.3% at KRW6,030. 

The stock has surged 144% since the start of October to yesterday, on hopes for increased valuations in Korea, where the company hoped investors would be more aware of the China-based high-end fibre maker’s potential, delivering to the sports and casual wear sector and automotive industry. 

Gaoxian’s weakness in Seoul is weighing on other stocks lined up for a Korea dual listing; Sunmart (C2J.SG) is down 2.3% at $0.215 with 1.4 million shares traded; the company will submit a fresh application to list on the KRX in April 2011 after it delayed its earlier plans. 

Combine Will (F4I.SG) is down 6.4% at $0.295 with 2.1 million shares done; the company in July got approval from the SGX to list of new shares in relation to its Korea dual listing plan.