The company's opening price was HK$2.21 per share, the same as the issuance price, with a total market value of HK$3.7 billion, which fell to HK$2.12 by the end of the day. According to Interface News, Flying Cloud Motion mentioned "metaverse" more than 300 times in the prospectus, stating that the AR/VR content and services market belongs to the scenario application layer of the metaverse ecosystem, and AR/VR is the key application to achieve and empower the metaverse immersive experience, which is the prerequisite and entry threshold of the metaverse development stage. It is reported that Mizuki Capital invested in Flying Cloud back in 2017, and Mizuki Capital was the only institutional investor in the first round of financing for Flying Cloud, and added a second investment in Flying Cloud in 2020. The IPO of FeitiangyunDong has generated a return of over 80 times for this early investment by Waterwood Capital.