On June 22, Junda Shares (02865.HK) fell 5.41% in regular trading, trading at HKD 23.80 per share, with turnover of HKD 168 million, extending the consecutive pullback that began the previous week.

The decline reflects sustained profit-taking following a sharp rally driven by SpaceX's landmark USD 750 billion Nasdaq IPO and Open Source Securities' initiation of coverage with a \"Buy\" rating. The H shares had surged over 9% on June 16, but selling pressure emerged from June 17 onward. On June 18, A-share main fund net outflow reached RMB 227 million, representing a net ratio of -16.51%, signaling institutional profit realization.

Market participants remain divided on the company's commercial aerospace business realization timeline. Institutional estimates suggest the aerospace segment — built through indirect control of Xuntian Qianhe to form a \"space energy + satellite manufacturing + constellation operation\" loop — may not generate meaningful profit contribution until 2028, with projected earnings of RMB 0.21/0.82/2.38 billion for 2026-2028E respectively. Short-term valuation overextension risk continues to drive capital withdrawal.

(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.)