GPIXEL (03277) opened higher but faded, touching an intraday low of HK$43.92, marking a fresh record low since listing. As of press time, the stock was down 6.27% at HK$44.86, with turnover of HK$57.83 million, representing a decline of nearly 60% from its May high of HK$116.713.
On the news front, the six-month lock-up period for shares held by GPIXEL's cornerstone investors expired on October 16. A total of 32.6452 million restricted shares were released from lock-up on October 17, accounting for approximately 7.33% of the company's total share capital.
The participating cornerstone investors included HHLR under Hillhouse, Boyu Capital, UBS Asset Management, Greenwoods Asset Management, and Fullgoal Fund, among others, comprising overseas asset management institutions, public mutual funds, and several industrial capital players. Prior to the lock-up expiry, the share price still showed gains relative to the IPO price of HK$39.88.
Notably, the stock price retreat diverges from the company's fundamentals. Interim results showed that the company's first-half revenue reached RMB 641 million, up 78.4% year-on-year, while profit attributable to owners of the parent company stood at RMB 250 million, up 197.2% year-on-year. Among this, industrial imaging revenue reached RMB 531 million, up 101.7% year-on-year, accounting for 82.8% of total revenue, primarily driven by growing demand for high-end industrial inspection as well as lithium battery and PCB inspection.
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