Shares of REFIRE (02570) opened sharply lower and continued to slide during Tuesday's trading session, with the stock last down 24.13% at HK$10.63, on turnover of HK$3.13 million. The stock hit an intraday low of HK$10.46, marking a fresh all-time low since its listing.

According to announcements from the Shanghai and Shenzhen stock exchanges, REFIRE has been removed from the list of securities eligible for trading under the Stock Connect program, effective September 7. Following the removal, southbound investors will only be able to sell their existing holdings but will no longer be able to purchase additional shares.

Notably, REFIRE is a leading domestic hydrogen fuel cell systems manufacturer. Its interim results for fiscal year 2026 show that the company generated total revenue of approximately RMB 105 million in the first half of this year, representing a year-on-year decline of about 1.8%. The loss attributable to owners of the company stood at roughly RMB 271.5 million, narrowing by approximately 18.4% compared with the same period last year.