On July 2, Zhongke Wenge (01956.HK) fell 5.15% in regular trading, trading at 80.1 HKD/share, with turnover of 15.6165 million HKD. The stock has now declined approximately 28% from its first-day closing price of 111.7 HKD.

The continued sell-off is driven by persistent pressure from a shareholder reduction announcement. On June 29, Xinhua Net disclosed that its wholly-owned subsidiary Xinhua Net Asia Pacific plans to sell up to 477,600 shares of Zhongke Wenge within the next 12 months, representing approximately 0.28% of total shares outstanding. The expected transaction amount is 53.35 million HKD against a book cost of 28.99 million HKD. The company listed on June 26 at an IPO price of 60.70 HKD, meaning the reduction plan was disclosed just four days after listing, significantly dampening market sentiment.

Xinhua Net stated this is a routine compliance authorization rather than an immediate selling decision, with specific timing to be determined based on market conditions and funding needs. However, the early disclosure continues to weigh on short-term trading psychology.

Zhongke Wenge is an enterprise AI technology and service platform provider founded by researchers from the Chinese Academy of Sciences, specializing in decision intelligence solutions powered by proprietary large language models.

(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.)