On June 4, Manycore Tech (00068.HK) fell 5.07% in regular trading, trading at HKD 18.51/share, with trading volume of approximately HKD 31.92 million.

The decline occurred against a backdrop of broad weakness across the Application Software sector, with KINGDEE INT'L down 7.12%, SENSETIME-W down 3.47%, PHANCY down 3.56%, and HORIZONROBOT-W down 2.82%. The sector-wide selling pressure contributed significantly to the pullback.

Notably, the stock has now fallen below the HKD 19 target price set by JP Morgan when it initiated coverage with a \"Neutral\" rating in late May. JP Morgan flagged that the company's valuation appeared stretched at approximately 26x price-to-sales ratio versus global design software leader Autodesk's 6x, and noted that its spatial intelligence business remains in early-stage commercialization with estimated revenue below USD 1 million in 2025. Despite recent positive catalysts including an \"Overweight\" rating from Guotai Junan with a HKD 24.90 target and multiple technology milestones, sector headwinds and persistent valuation concerns appear to have weighed on sentiment.

(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.)