FENBI

Fenbi staged an afternoon session breakout, closing up 14.6% at HKD 0.51 with an intraday range of 13.6%. The catalyst likely stems from its announced strategic partnership with Huatu Cendes and management reshuffle—Zhang Xiaolong appointed as authorized representative—boosting sentiment. However, fundamentals remain challenged: Q4 2025 revenue rose 6.8% YoY to HKD 659 million while net loss narrowed to a loss of HKD 15.9 million; full-year net profit of RMB 198 million already guided down ~17-23% in prior filings. Price-wise, shares are still 87% below the 52-week peak of HKD 3.93 and trade well below the 60-day MA (HKD 0.723), with YTD decline of 76.6%. Although PB is only 0.78x and PE ~5.1x, the rebound hit resistance at HKD 0.52, capping upside.