On September 23, ZJ INNOLIGHT (03308.HK) fell 3.12% in regular trading to HKD 1,183.0, with turnover of approximately HKD 922 million, as consecutive foreign institutional stake reductions overshadowed a fresh broker upgrade.

On the news front, selling pressure from major institutional holders continued to build. Aspex Management reduced its long position from 5.59% to 4.99% via on-exchange disposal on September 18, dropping below the key 5% disclosure threshold. Earlier, Morgan Stanley also trimmed its H-share stake from 5.08% to 4.32% on September 11. The computing hardware sector had already turned broadly weaker in the previous session, with ZJ INNOLIGHT and peers such as Xinyi Sheng and China Jushi declining collectively during the afternoon.

On the same day, Capital Securities raised its target price on the company to RMB 1,200 and reiterated an Overweight rating, citing NPO technology as a multi-year growth engine and visibility into customer orders through 2028 including 2.4T and NPO products. However, the near-term institutional de-risking signals appeared to dominate price action, capping the positive impact of the upgrade.

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