BRONCUS-B

Broncus Holding (2216.HK) staged a recovery today, opening lower and oscillating before hitting an intraday low of HKD 0.65 in the morning session, then rallying to an intraday high of HKD 0.75 in the afternoon, closing at HKD 0.71, up 1.4% from the previous close of HKD 0.70. However, turnover was thin at only 881,000 shares, with a turnover rate of 0.17%. The move was driven by recent commercialization progress: its core BroncAblate lung radiofrequency ablation system (host and catheter) received China market approvals, and the LungPro imaging software was also cleared for sale, boosting sentiment around product monetization. Nonetheless, fundamentals remain under pressure, with Q4 2025 net loss of approximately HKD 39.22 million, widening 37.3% YoY, and EPS of -HKD 0.0807, while revenue was negative, indicating ongoing cash burn. The stock at HKD 0.71 is down 69.9% YTD and 80.9% from its 52-week high of HKD 3.72, while trading below the 60-day MA (HKD 0.989), reflecting a deeply discounted position.