On September 17, HQVT fell 6.98% in regular trading, trading at 36.18 HKD/share, with turnover of approximately 63.19 million HKD. The decline came after the stock surged over 60% cumulatively in the prior three trading sessions, hitting an all-time post-IPO high of 33.34 HKD on September 16.

The sharp pullback followed a sustained rally driven by multiple catalysts, including inclusion in Stock Connect, the company's proprietary Zhiyuan Origin large model being added to the Shenzhen Municipal Bureau of Industry and Information Technology's official service catalog, and Sullivan's release of a multi-spectral AI industry white paper projecting a 31.8% CAGR from 2025 to 2030. However, underlying profitability concerns weighed on sentiment. The company's interim results showed revenue surging 84.5% year-over-year to RMB 4.1 billion, with large model service revenue soaring 382.5% to RMB 3.2 billion. Despite the top-line strength, shareholder-attributable profit declined from RMB 10.16 million to RMB 7.65 million, while gross margin contracted 7.2 percentage points to 20.3%, primarily due to higher hardware content in large-scale model service orders.

(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.)