On September 15th, BRAINAURORA-B (06681) burst into investors' spotlight in an almost explosive manner. The stock price soared over 83% during early trading, touching a new listing high of HK$13.78, with turnover rate reaching 15.35% in just half a trading day. Extending the timeline since its inclusion in Stock Connect (September 8th), the maximum gain has reached a stunning 1.6 times.

The dramatic surge in BRAINAURORA-B represents a perfect resonance between the massive liquidity dividend brought by "Stock Connect inclusion" and the scarce fundamentals of being "China's first stock in digital therapy for cognitive impairment." This analysis will deeply deconstruct the capital logic and market dynamics behind this value rerating feast from a data perspective.

**Strategic Overview: Extreme Bull Storm and Major Chip Transfer**

From September 8th when it was officially included in Stock Connect until early trading on September 15th, BRAINAURORA-B staged an extreme bull market over 6 trading days. Interval data shows: gains of 88.91%, amplitude of 158.23%, turnover rate of 30.107%, and total trading volume of HK$3.54 billion.

The 30.107% turnover rate is particularly significant. This means that nearly one-third of the floating shares changed hands in an extremely short period, representing a disruptive major chip transfer process: the old holding structure (including long-term investors and historical trapped positions) was completely broken, with new funds that are optimistic about the company's long-term value after "Stock Connect inclusion" taking full control.

This complete renewal not only cleared obstacles for the stock price surge but also lifted the market's average holding cost to HK$9.286, establishing a solid value support line for future stock prices.

**Long-Short Battle: "False Negative, True Rise" and Volume Truth**

The subtle paradox between K-line patterns and price movements reveals the complexity of long-short battles. During the interval, prices rose for 4 days, but only 3 positive candlesticks appeared. This difference stems from September 8th - the stock opened significantly higher but faced selling pressure during trading, causing the closing price to fall below the opening price (forming a "negative" candlestick), yet the closing price remained higher than the previous day's close (thus statistically counted as "rising").

This "false negative, true rise" candlestick marks the fierce close combat between bulls and bears. It indicates that while bulls were pushing higher, they encountered fierce counterattacks from bears (profit-taking and breakeven selling).

However, volume data pierces through the fog of candlestick colors, revealing the true dominant force: positive volume (357.2 million shares) was 14.88 times the negative volume (24 million shares). This means that despite visible selling pressure on the chart, massive buying power surged in like a tsunami, easily swallowing all selling waves.

The market presented a classic healthy structure of "massive volume on rises, minimal volume on pullbacks," with buying being active, continuous, and organized, while selling was passive and scattered.

**Buyer Structure Analysis: Southbound Funds as Core Force with Local Funds Following**

Public data provides direct evidence that southbound funds were the protagonist of this rally. From September 8th to 12th, Stock Connect (Shanghai) held 4.876 million shares plus Stock Connect (Shenzhen) held 4.567 million shares, totaling 9.443 million shares, representing 0.7458% of issued shares, all newly acquired during this period.

This means that in just 5 days, nearly 10 million shares of concentrated buying flowed in through Stock Connect channels alone. This capital serves as the engine and cornerstone of this rally, with buying behavior based on "scarcity premium" and "liquidity discount repair" logic completely changing the stock's pricing anchor.

In comparison, increases by brokerages like Bright Smart Securities and Bank of China (Hong Kong) (hundreds of thousands to millions of shares) pale in comparison, representing more of a following buying behavior by Hong Kong local and international investors.

**Real-time Market Dynamics: High-level Consolidation After Violent Rally**

If interval data represents macro battle reports, then real-time trading represents frontline battlefield dynamics. As of September 15th midday, BRAINAURORA-B traded at HK$10.220, up 36.27% for the day, with half-day trading volume of HK$2.143 billion.

Market data shows the rally is entering a new phase. Volume ratio of 11.44 confirms extreme volume expansion for the day with extremely high attention. Bid-ask ratio of 59.41% shows buying commitment still stronger than selling, indicating market sentiment remains intact. Inside-outside ratio of 72.73% : 27.27% shows active buying forces still maintaining absolute dominance.

From order book characteristics, both buy and sell orders across five price levels appear sparse, showing a "weak balance" state, indicating that after massive early-session turnover, short-term selling pressure is temporarily exhausted, but buying has also turned cautious, with the market awaiting new directional catalysts.

**Outlook: Value Discovery Feast Directed by "Northbound Funds Chasing Scarce Leaders"**

"Northbound funds chasing scarce leaders" jointly orchestrated this value discovery feast. On one hand, Stock Connect inclusion introduced mainland capital, bringing massive liquidity premium. On the other hand, being China's first "cognitive impairment digital therapy leader" provides the scarce value foundation for revaluation.

Looking ahead, the rally will shift from "high-speed surge" to "high-level consolidation" mode. Whether the stock price can maintain new highs depends on two core factors: first, whether southbound funds can continue flowing in; second, whether the company's fundamentals can validate its high growth potential to match current new valuations.