On June 24, Tianshu Zhixin (09903.HK) declined 4.76% in regular trading, trading at 697.5 HKD/share, with turnover of 141 million HKD. The stock hit an all-time high of 794 HKD in the previous session before encountering significant selling pressure.

The pullback follows an extraordinary rally driven by unconfirmed reports that ByteDance is in discussions to procure at least 50,000 AI inference chips from the company, which would make Tianshu Zhixin ByteDance's third major domestic GPU supplier after Huawei and Cambricon. Neither party has officially confirmed the deal. Valuation remains highly stretched — the company is unprofitable, with a price-to-sales ratio of approximately 115x and a price-to-book ratio of around 64.62x, far exceeding Hong Kong semiconductor sector averages. The stock has accumulated gains of 193% over three months and over 429% over 52 weeks, suggesting that much of the anticipated growth has already been priced in.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)