On July 13, Geekplus Technology (02590.HK) fell 5.06% in regular trading, trading at HK$9.74 per share with turnover of HK$382 million, marking a fresh 52-week low.

The decline is primarily driven by sustained selling pressure following the expiration of the pre-IPO shareholder lock-up period on July 9. The unlock significantly expanded the tradeable float, coinciding with a broader Hong Kong market facing over HK$201.3 billion in single-month unlock pressure in July. On July 9 alone, five companies including Geekplus saw concentrated lock-up expirations totaling over HK$60 billion in market value.

Despite the company conducting consecutive daily buybacks — including HK$9.53 million for 900,000 shares on July 9 and HK$11.57 million for 1.1 million shares on July 10 — and major shareholders publicly expressing reluctance to sell, the sharp increase in circulating shares continues to dominate near-term price action. Since announcing its HK$2 billion buyback program on June 22, the company has cumulatively repurchased 6.6 million shares under its authorization.

(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.)