On July 13, Xunce Technology (03317.HK) declined 5.42% in regular trading, trading at HK$85.75/share, with turnover of approximately HK$98.60 million. The stock now trades roughly 20% below its recent placement price of HK$107.70.

The decline follows the company's completion on July 10 of a placement of 7.283 million new H shares at HK$107.70 per share and issuance of RMB 1.36 billion in zero-coupon convertible bonds due 2027, raising a combined approximately HK$23.5 billion in gross proceeds. With the current share price significantly below both the placement price and the convertible bond conversion price of HK$123.86, placement participants face deep unrealized losses while conversion expectations have weakened materially, intensifying selling pressure.

Additionally, a concentrated wave of lock-up expiries across Hong Kong-listed AI and large-model stocks has weighed on broader sector sentiment, creating a compounding drag on the stock.

(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.)