XXF Group (02473) accelerated its decline approaching the midday break, now tumbling over 70% on heavy volume and hitting a low of HK$2.9, its lowest level since October 2024. Notably, the stock experienced significant volatility last month, registering a cumulative gain of 42%, with a particularly sharp surge of 90% occurring between January 12 and 21. As of this writing, the stock was down 71.05% at HK$3.3, with a turnover of HK$519 million.

On the news front, XXF Group announced last month that its indirectly wholly-owned subsidiary had entered into a memorandum of understanding with Kuangshi Technology. The Group intends to acquire a 51% controlling stake in Kuangshi Technology through either a share acquisition or a capital increase.

Public information indicates that Kuangshi Technology is a millimeter-wave radar total solution provider with fully self-developed capabilities across the entire chain from "chips-algorithms-modules-complete machines-system platforms." Established in 2007, XXF Group is a well-known comprehensive automotive service provider in China, which successfully listed on the Main Board of the Hong Kong Stock Exchange in 2023, becoming the first stock in China's automobile finance leasing sector.