On June 23, Manycore Tech fell 8.6% in regular trading, trading at 12.24 HKD/share, with turnover of approximately 24.71 million HKD, hitting a new all-time low since listing.

On the news front, AI concept stocks saw a broad selloff, with Zhipu dropping over 15% and MINIMAX falling 8%, reflecting significant sector-wide selling pressure. Manycore Tech has now declined over 70% from its 48.5 HKD peak reached shortly after its April listing. Despite the steep correction, the company's price-to-sales ratio remains approximately 27x, far exceeding the Hong Kong-listed application software sector average of around 8x, indicating persistent valuation digestion pressure.

Previously, J.P. Morgan initiated coverage with a Neutral rating and a target price of 19 HKD, which now sits well above the current trading level. Within the Application Software sector, 51WORLD fell 5.46%, Horizon Robot-W fell 2.17%, while SenseTime-W and Kingdee International were flat, and Phancy fell 0.66%.

(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.)