On July 3, Baize Medical (02609.HK) declined 8.26% in regular trading to HK$3.33, with turnover of HK$172 million, extending its sharp selloff following a 21% plunge on June 30.

The continued decline is driven by the company's final batch of lock-up share expiry on June 24, involving 396 million shares (30% of total equity) held by controlling shareholder Xu Xu. Additionally, two large custody transfers in mid-June intensified market concerns: on June 11, a shareholder deposited 295 million shares into CITIC Securities Hong Kong (22.39% stake), and on June 12, another 684 million shares were deposited into Futu Securities International Hong Kong (51.86% stake). These moves are widely interpreted as preparation for potential disposals.

Fundamentally, the company reported full-year revenue of RMB 1.12 billion, down 5.8% year-over-year, with a net loss attributable to shareholders of RMB 13 million. The revenue decline was primarily driven by reduced hospital business income and lower pharmaceutical supply revenues.

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