NUOBIKAN's stock price plummeted 5.08% during Wednesday's intraday trading session, extending a significant sell-off that has erased substantial value from recent highs.

The sharp decline follows multiple negative catalysts that have undermined investor confidence. First, heavy selling pressure emerged as early investors took profits after the company was officially included in the Stock Connect program. Second, market sentiment deteriorated after NUOBIKAN was identified as one of the counterparties allegedly involved in inflating revenues for A-share listed company Hengxin Dongfang, which was placed under ST designation for financial fraud.

Additionally, while the company reported a 23.7% year-over-year revenue increase, attributable net profit grew only 2.1%, reflecting margin erosion from a rising share of low-margin business and higher smart hardware costs. This significant lag in earnings growth versus revenue has intensified concerns over the company's ability to deliver sustainable profitability.