On July 2, HQVT Technology (01392.HK) fell 6.3% in regular trading to HK$16.96, with turnover of HK$8.86 million. The stock continues its post-IPO correction after debuting on June 22 at a 303% premium to its offering price of HK$7.20.

The decline extends weakness driven by concerns over profitability quality. While the company reported adjusted net profit of RMB 55.25 million in 2025, operating profit was only RMB 31.15 million, with interest and investment income reaching RMB 32.07 million — indicating heavy reliance on non-recurring items. Operating cash flow was negative RMB 129.9 million in 2025. Notably, the IPO featured no cornerstone investors, no greenshoe mechanism, and no stabilization agent, leaving the stock without typical post-listing price support. The share price has now declined over 43% from its intraday high of HK$30 on listing day.

HQVT Technology, founded in 2013 in Shenzhen, is a national-level Specialized and Innovative Little Giant enterprise. It ranks first by revenue among China multispectral AI companies and has served 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.)