NUOBIKAN (02635) fell more than 14% again, hitting an intraday low of HK$16.8. The cumulative decline from its April 20 high has approached 80%. As of writing, the stock was down 14.31% at HK$16.88, with a turnover of HK$148 million.

Previously, the Shanghai and Shenzhen Stock Exchanges announced that, in accordance with relevant regulations, NUOBIKAN would be included in the list of securities eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs starting April 20. Market observers noted that, driven by positive expectations ahead of the inclusion, the stock experienced a significant rally. However, after the official inclusion, capital chose to exit at high levels, reflecting strong profit-taking demand.

In a related development, in April 2026, A-share listed company Hengxin Dongfang was designated as ST (Special Treatment) due to financial fraud. In the chain of false records disclosed by regulatory authorities, NUOBIKAN was mentioned as a former counterparty in transactions. Although NUOBIKAN has not been found directly involved in the fraud, capital markets are highly sensitive to such associations involving "circular trading" or "inflated revenue." As investors begin to question how much of NUOBIKAN's performance surge in recent years stems from genuine value created by AI technology implementation versus figures built on specific accounting treatments, a sword of Damocles now hangs over the company. NUOBIKAN (02635) fell more than 14% again, hitting an intraday low of HK$16.8. The cumulative decline from its April 20 high has approached 80%. As of writing, the stock was down 14.31% at HK$16.88, with a turnover of HK$148 million.

Previously, the Shanghai and Shenzhen Stock Exchanges announced that, in accordance with relevant regulations, NUOBIKAN would be included in the list of securities eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs starting April 20. Market observers noted that, driven by positive expectations ahead of the inclusion, the stock experienced a significant rally. However, after the official inclusion, capital chose to exit at high levels, reflecting strong profit-taking demand.

In a related development, in April 2026, A-share listed company Hengxin Dongfang was designated as ST (Special Treatment) due to financial fraud. In the chain of false records disclosed by regulatory authorities, NUOBIKAN was mentioned as a former counterparty in transactions. Although NUOBIKAN has not been found directly involved in the fraud, capital markets are highly sensitive to such associations involving "circular trading" or "inflated revenue." As investors begin to question how much of NUOBIKAN's performance surge in recent years stems from genuine value created by AI technology implementation versus figures built on specific accounting treatments, a sword of Damocles now hangs over the company.