On June 24, Haiqing Zhiyuan (01392.HK) declined 5.82% in regular trading, trading at HKD 23.56 per share, with turnover of HKD 14.72 million. The stock, which debuted on the Hong Kong Stock Exchange on June 22 at an IPO price of HKD 7.20 and closed its first day at HKD 26.70 (up 270.83%), is now experiencing a pullback as early investors lock in gains.
The newly listed multi-spectral AI company attracted extraordinary demand during its IPO, with Hong Kong public offering oversubscribed 7,181 times and total subscription capital exceeding HKD 440 billion. Despite the market enthusiasm surrounding its positioning as the first Physical AI stock listed in Hong Kong, fundamental concerns persist. Operating cash flow turned negative over the past two fiscal years, reaching negative RMB 129.9 million in the most recent year. Net profit declined 27% year-over-year, while customer concentration rose to 64.8% from the top five clients. Additionally, industry price competition continues to pressure margins, with gross margins fluctuating between 12.2% and 22.6% in recent years.
Haiqing Zhiyuan is a National-level Specialized and Innovative Little Giant enterprise founded in 2013 in Shenzhen. It ranks first in China's multi-spectral AI market by revenue and serves over 3,000 clients globally.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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