On July 9, Xunce Technology (03317.HK) fell 5.2% in regular trading, trading at 105.0 HKD/share, with turnover of HKD 299 million. The stock has now broken below its recent placement price of 107.70 HKD.

On the news front, the Hong Kong-listed AI and large language model sector faces a concentrated lock-up expiry window, with MiniMax seeing a major cornerstone investor unlock on July 9 representing approximately 63% of its Hong Kong-listed share capital. This sector-wide overhang has intensified selling pressure across related stocks. Meanwhile, Xunce completed a placement of 7.283 million H shares at 107.70 HKD per share on July 3 alongside a RMB 1.36 billion zero-coupon convertible bond issuance, representing a roughly 13% discount to the prior closing price. With shares now trading below the placement price, participating investors face unrealized losses, amplifying short-term selling momentum. The convergence of post-rebound profit-taking and lock-up expiry pressure has triggered this pullback.

(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.)