REMEGEN's stock price plummeted 5.12% during intraday trading on Monday.

The sharp decline is attributed to market concerns over a significant lock-up expiry event scheduled for June 30, which will see approximately 192.8 million restricted shares become eligible for trading. This represents 34.16% of the company's total share capital and is expected to more than double the current free float, raising fears of concentrated selling pressure.

Additionally, the company's recent financial performance has weighed on sentiment. REMEGEN reported a first-quarter net profit attributable to shareholders of approximately RMB 328 million, a sharp quarter-over-quarter decline of roughly 73%. Furthermore, its adjusted net profit, excluding non-recurring items, remained in loss territory, indicating ongoing fundamental challenges. The stock was also dragged down by broad-based weakness in the Biotechnology sector.