On July 3, HQVT Technology fell 7.11% in regular trading, trading at HKD 16.87/share, with turnover of HKD 400,400. The stock has now retreated over 43% from its first-day high of HKD 30 since listing on June 22 at an offer price of HKD 7.20.

The continued decline reflects persistent post-IPO selling pressure driven by structural weaknesses in the offering. The IPO featured no cornerstone investors, no greenshoe mechanism, and no price stabilization agent, while international placement received only 4.81x subscription, signaling cautious institutional sentiment and a lack of medium-to-long-term capital support. Additionally, analysts have flagged concerns over profit quality: while revenue grew from RMB 117 million to RMB 669 million between 2023 and 2025, the company's 2025 operating profit of RMB 31.15 million was nearly matched by interest and investment income of RMB 32.07 million, indicating heavy reliance on non-recurring gains rather than core business cash generation.

HQVT Technology, founded in 2013 in Shenzhen, is a national-level specialized and innovative enterprise. It ranks first by revenue among China's multispectral AI companies and serves over 3,000 clients globally.

(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.)