Harbin Electric's stock price plummeted 5.24% during intraday trading on Thursday, as the Heavy Electrical Equipment sector extended its collective pullback.

The sector has been in a correction cycle since mid-May, dragging down component stocks including Harbin Electric. This decline follows a significant previous rally driven by the successful full-load test of China's first domestically developed 16MW gas turbine natural gas combustor and the company's strong annual results showing substantial revenue and profit growth.

After accumulating substantial short-term gains, the sector-wide weakness has continued to weigh on Harbin Electric's stock price, with the correction reflecting market adjustments following the earlier bullish period.