On June 30, Unisound (09678.HK) plunged 39.84% in regular trading, trading at 75.0 HKD/share, with turnover of HKD 237 million. The stock led the Hong Kong market decline list for the session.

Market commentary points to a massive lock-up expiry as the primary catalyst, with a near-full circulation of shares becoming tradeable. Early-stage investors gained the ability to sell their holdings, creating substantial supply-side pressure. The controlling shareholders hold a relatively small proportion of total shares, limiting their ability to absorb selling. Additionally, the company recently completed an H-share placement, suggesting limited capacity for share buybacks to support the price.

For context, the stock had risen 5.67% the prior session on AI policy tailwinds following national smart agent standards publication. However, the structural overhang from share unlock overwhelmed near-term positive catalysts. Unisound reported 2025 revenue of RMB 1.211 billion, up 29% year-over-year, with AI large model-related revenue reaching RMB 610 million, representing over 10x growth.

(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.)