Movement Alert｜Manycore Tech Falls 8.6% in Regular Trading, AI Concept Stocks Broadly Retreat Amid Valuation Pressure

Market Focus06-23

On June 23, Manycore Tech fell 8.6% in regular trading, trading at 12.24 HKD/share, with turnover of approximately 24.71 million HKD, hitting a new all-time low since listing.

On the news front, AI concept stocks saw a broad selloff, with Zhipu dropping over 15% and MINIMAX falling 8%, reflecting significant sector-wide selling pressure. Manycore Tech has now declined over 70% from its 48.5 HKD peak reached shortly after its April listing. Despite the steep correction, the company's price-to-sales ratio remains approximately 27x, far exceeding the Hong Kong-listed application software sector average of around 8x, indicating persistent valuation digestion pressure.

Previously, J.P. Morgan initiated coverage with a Neutral rating and a target price of 19 HKD, which now sits well above the current trading level. Within the Application Software sector, 51WORLD fell 5.46%, Horizon Robot-W fell 2.17%, while SenseTime-W and Kingdee International were flat, and Phancy fell 0.66%.

(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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