On June 25, Kinda Stock (02865.HK) fell 5.03% in regular trading, trading at HKD 21.2/share, with turnover of HKD 33.26 million, extending its consecutive pullback trajectory.

The decline reflects continued profit-taking pressure following a sharp rally driven by multiple catalysts earlier this month. The stock had surged over 9% on June 16 after SpaceX completed its USD 75 billion Nasdaq listing and Open Source Securities initiated coverage with a Buy rating, highlighting the companys solar-plus-commercial-aerospace dual growth narrative. However, since June 17, institutional selling has intensified, with A-share main capital net outflows reaching RMB 227 million on June 18, representing a net ratio of -16.51%. Three-day cumulative main capital net outflows exceeded RMB 493 million.

Market participants remain divided on the realization timeline for Kinda's commercial aerospace business. Institutional estimates suggest the segment may not generate meaningful profit contributions until 2028 at the earliest, raising concerns about near-term valuation overextension and triggering sustained capital withdrawal.

(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.)