On June 26, HQVT Technology (01392.HK) declined 5.65% in regular trading, trading at HK$18.5/share with turnover of HK$1.3432 million, as the stock extended its post-IPO correction into the fifth trading day since its Hong Kong listing on June 22.

The stock debuted at HK$29.00, surging over 300% from its IPO price of HK$7.20, but has since retreated more than 36% from its intraday high of HK$30.00 on listing day. The selloff reflects profit-taking following extreme retail speculation — the Hong Kong public offering was oversubscribed 7,181 times — combined with fundamental concerns. Analysts have noted that while HQVT achieved adjusted net profit of RMB 55.25 million in 2025, earnings quality remains weak: operating profit was only RMB 31.15 million while interest and investment income reached RMB 32.07 million, indicating heavy reliance on non-recurring gains rather than core business profitability. The IPO notably lacked cornerstone investors, a greenshoe mechanism, and a price stabilization agent, leaving no structural support against selling pressure.

HQVT Technology is a national-level specialized and innovative enterprise founded in 2013, headquartered in Shenzhen. It ranks first in China's multispectral AI market by revenue and serves over 3,000 clients globally.

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