A new wave of artificial intelligence technology is impacting software stocks, with JST GROUP (06687) tumbling nearly 13% this morning to hit a fresh low of HK$21.6 since its listing. At the time of writing, the stock was down 12.81%, trading at HK$21.64 with a turnover of HK$7.64 million. The sell-off was triggered on Tuesday by a new automation tool launched by AI startup giant Anthropic, sparking a panic-driven selloff in software stocks that marked their worst single-day decline since last April. Analysts note a fundamental shift in market expectations regarding AI's progress: the initial view that AI would "fuel growth" has transformed into skepticism over whether AI will "completely replace" traditional subscription models. Jeffrey Favuzza from Jefferies' equity trading desk characterized the current situation as a "SaaS apocalypse," pointing out that the prevailing trading pattern is purely one of panic selling with a "get me out at any cost" mentality, and there are no signs yet of the decline stabilizing. Public information indicates that JST GROUP is a leading enterprise in the global e-commerce SaaS market. The company primarily serves merchants operating stores on various e-commerce platforms, with its core product being an e-commerce SaaS ERP, forming a comprehensive, one-stop e-commerce SaaS solution that covers all areas of e-commerce operations. As of June 30, 2025, JST GROUP served 93,000 SaaS clients.