On September 24, HQVT fell 5.47% in regular trading, trading at 30.5 HKD/share, with turnover of approximately 110 million HKD, as the stock extended its high-level correction amid sustained profit-taking pressure.

The decline marks the latest swing in a volatile consolidation pattern following a cumulative gain of nearly 100% over the prior week. That rally was fueled by multiple catalysts including formal inclusion in the Stock Connect program effective September 7, the company's proprietary Origin Foundation Model being shortlisted by Shenzhen's Bureau of Industry and Information Technology, and a Sullivan whitepaper highlighting the scale-up phase of China's multispectral AI market. Over recent sessions, the stock dropped over 5% on September 21, rebounded nearly 10% on September 22 as funds rotated back in, then slid more than 10% on September 23, with today's weakness continuing the wide-ranging oscillation at elevated levels.

Fundamentally, HQVT reported first-half revenue of 410 million RMB, up 84.5% year-over-year, driven by its AI foundation model service revenue surging 382.5% to 320 million RMB, now representing 78% of total revenue. However, gross margin declined 7.2 percentage points to 20.3% due to higher hardware content in large orders.

(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.)