On September 21, HQVT fell 5.27% in regular trading to HK$35.9, with turnover of approximately HK$22.86 million. The stock had accumulated a gain of nearly 100% over the prior week, and short-term profit-taking pressure became apparent.

The preceding rally was driven by a confluence of catalysts: formal inclusion in the Stock Connect program effective September 7, the company's proprietary Zhiyuan Origin large model being shortlisted for Shenzhen's official model service institution registry, and Frost & Sullivan's September 14 white paper highlighting China's multi-spectral AI industry transitioning from commercial validation to scaled deployment with a projected 31.8% CAGR through 2030.

HQVT reported first-half revenue of RMB 4.10 billion, up 84.5% year-over-year, with multi-spectral AI large model service revenue surging 382.5% to RMB 3.20 billion, lifting its revenue share from 29.8% to 78%. However, shareholder-attributable profit declined to RMB 7.65 million from RMB 10.16 million a year earlier, while gross margin contracted 7.2 percentage points to 20.3%, pressured by higher hardware content in large orders.

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