On September 4, HUAQIN (03296.HK) fell 3.03% in regular trading, trading at 73.65 HKD/share, with turnover of approximately 73.57 million HKD.

On the news front, the company announced on September 2 that its A-share buyback program had been fully completed, having repurchased a cumulative 2.6195 million shares for approximately 200 million yuan at a price range of 73.73-80.00 yuan per share. The conclusion of the buyback removes the systematic bid-side support that had underpinned the stock during the repurchase window.

Meanwhile, concerns over earnings quality persist. The company's interim report showed headline net profit surging 58.8% year-over-year to 3.0 billion yuan on revenue of 93.719 billion yuan. However, net profit excluding non-recurring items rose only 11.04%, revealing a significant gap between reported and core profitability. Gross margin remained at approximately 8.1%, and the company guided for full-year revenue exceeding 200 billion yuan with adjusted profit growth of around 20%.

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