Movement Alert｜Convergence Technology Falls 5.22% in Regular Trading, Selling Pressure Resurges as Stock Nears Placement Price Amid Rising Short Interest

Market Focus06-18

On June 18, Convergence Technology (01729.HK) declined 5.22% in regular trading, trading at HKD 19.21 per share, with turnover of HKD 147 million. The selloff comes after the stock previously rebounded to HKD 20.5, approaching the HKD 21.00 placement price, triggering concentrated selling by placees nearing their breakeven level.

Short selling data from June 17 showed a notable escalation in bearish activity, with short volume reaching 3.737 million shares valued at HKD 74.26 million, accounting for 14.05% of total daily turnover. The convergence of profit-taking from the prior rebound and placement-related unwinding has intensified near-term pullback pressure.

The company had completed two rounds of placements in the first half, raising over HKD 4.5 billion in net proceeds, with 50% earmarked for global business expansion. The current share price now trades approximately 8.5% below the HKD 21.00 placement price, widening the discount that had nearly closed during the recent rally.

(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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