Movement Alert｜China Fortune Quantum Falls 6.37% in Regular Trading, Luffa AI Acquisition Concerns Continue to Drag Stock to New Low

Market Focus06-04

On June 4, China Fortune Quantum (00290.HK) fell 6.37% in regular trading to HK$4.63 per share, with trading volume of approximately HK$18.44 million, hitting a new low since the current correction began.

The decline continues to be driven by market concerns over the company's announcement on May 25 to acquire and subscribe for a combined 19.9% stake in Luffa AI Limited for approximately US$39.8 million (around HK$310 million). The transaction implies a post-investment valuation of US$220 million for Luffa AI, a decentralized social communication platform built on AI and Web3 technologies with only over 150,000 daily active users. Market participants have raised significant doubts regarding the valuation rationality and synergy potential with the company's core brokerage business. Since the announcement, the stock has experienced sustained selling pressure, having initially plunged over 23% on the first day and accumulating steep losses thereafter, with brief technical rebounds failing to reverse the downtrend as investor skepticism over the large-scale investment in an early-stage Web3 asset continues to intensify.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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