On July 15, Lingyi iTech (01688.HK) fell 3.55% in regular trading to HK$7.35, with turnover of approximately HK$21.14 million, giving back the previous session's late-session rally.

The decline reflects continued market skepticism following the company's July 10 announcement that it plans to invest up to RMB 4 billion through a subsidiary to participate in the restructuring of Futong Group (Jiashan) Communication Technology Co., acquiring control of its optical fiber preform, fiber, and cable assets. The news triggered sharp selling — A-shares hit limit-down on July 13 while H-shares fell 4.76% the same day. Although shares briefly surged over 11% in late trading on July 14, investor concerns persist regarding cross-border acquisition execution uncertainty, Futong Jiashan's historical losses exceeding RMB 10 billion over two years, and the significant cash flow burden of a RMB 4 billion capital commitment. The H-shares have traded below the IPO price of HK$10.18 since listing on June 26, currently reflecting a discount of over 27%.

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