On May 28, Innovative Industrial (02788.HK) declined 5.9% in regular trading, trading at HKD 20.32/share, with trading volume of approximately HKD 23.74 million.

On the news front, the company previously announced that its subsidiary, Inner Mongolia Chuangyuan Metal Co., Ltd., is undergoing tax guidance related to its high-tech enterprise tax preferential policy. The board estimates the payable tax amount at approximately RMB 400 million to 500 million, covering the fiscal year settlement for 2025 and a corresponding adjustment to the first-quarter prepaid tax. The news has triggered consecutive declines since May 26, with short-selling turnover accounting for 8.85% of total turnover on May 27, indicating sustained market anxiety over the substantial tax outflow. The company stated that its cash position remains ample and that the payment is not expected to have a material adverse impact on its overall financial position.

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