Movement Alert|Xunce Falls 5.15% in Regular Trading, Profit-Taking Persists After 10x Rally as Share Unlock Pressure Looms

Market Focus06-11

On June 11, Xunce (03317.HK) fell 5.15% in regular trading, trading at HK$149.3/share, with trading volume of approximately HK$94.65 million.

On the news front, Xunce had surged nearly 10x from HK$38 to HK$380 over approximately 120 trading days. Since the release of its TokenONE system on May 25, profit-taking has been ongoing, with the stock now having retreated over 60% from its peak. Additionally, approximately 6.41 million shares held by IPO cornerstone investors are set to be unlocked on June 29, representing a market value of roughly HK$960 million at the current price. The approaching unlock date has further intensified selling pressure. Broader AI sector weakness has also weighed on sentiment.

Within the IT Consulting and Other Services sector, WELLCELL H-NEW fell 8.16%, CHINASOFT INT'L fell 6.89%, LX TECHNOLOGY fell 2.41%, VOICECOMM fell 1.47%, while MICROWARE rose 8.51%.

(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.

Comments

We need your insight to fill this gap
Leave a comment