LAIFUAL

Laifual Harmonic opened sharply lower in the morning session and continued to weaken, closing down 5.0% at HK$57.0, hitting a new post-IPO low of HK$57.0 intraday. The stock has retreated 52.34% from its 52-week high of HK$119.6 and is trading well below its 20-day moving average of HK$73.64 and 60-day moving average of HK$75.03. The decline is primarily attributed to the company's partial exercise of the over-allotment option (736,400 H shares) disclosed yesterday after the stabilization period ended on July 30, which, combined with greenshoe selling pressure, has weighed on the stock—following a prior drop of over 11%. Despite a brief rebound driven by AI and chip sector rallies, fundamentals remain weak: PE is negative 31.42x, PB negative 6.53x, and market cap stands at approximately HK$5.94 billion. Year-to-date, the stock has fallen 21.92%. Nonetheless, today's turnover was minimal at 24,000 shares (0.02% turnover rate), suggesting selling pressure may be temporarily exhausted.

Laifu Harmonic staged a low-open and high-rise session in the morning, surging 15.0% to HK$56.80, reversing the prior session's decline, mainly due to market relief over reduced overhang after the partial exercise of the over-allotment option and the end of the stabilization period. The stock gapped up at HK$54.90 and quickly rallied to an intraday high of HK$56.80, with thin volume of only 32,500 shares and a turnover rate of 0.03%, indicating a short-covering rally. Despite the bounce, the stock remains 52.51% below its 52-week high of HK$119.60 and has declined 22.19% YTD, trading well below its 20-day MA (HK$75.43) and 60-day MA (HK$75.67), underscoring a weak technical posture. The shares had previously fallen to a 52-week low of HK$48.20 amid capital expansion from the greenshoe exercise, and while today's rebound offers some relief, the company's valuation remains distressed with a negative P/E of -31.31x and a negative P/B of -6.51x.

3952.HK opened lower in the morning session and extended losses, falling 5.3% to HK$64.35, trading within a 10.19% rebound from the 52-week low of HK$58.40. The stock's partial exercise of the over-allotment option and the end of the stabilization period, combined with recent sharp volatility—including a 12.53% single-day drop and alternating gains of over 5%—suggest lingering market caution. At 46.2% below the 52-week high of HK$119.60 and below both the 20-day (HK$79.27) and 60-day (HK$79.27) moving averages, with a YTD decline of 11.85%, the stock lacks near-term catalyst for a valuation recovery.

Laffon Harmonic surged and traded higher in the morning session, closing the morning at HK$66.6, up 5.21% from the previous close. The stock swung between an intraday low of HK$62.6 and a high of HK$66.6, recording a range of about 6.4%. The rally was driven by recent sentiment around AI and humanoid robotics themes, with news of financing progress and a partnership with an Italian client. However, the stock has been highly volatile since its listing, currently trading 44.31% below its 52-week high of HK$119.6 and only 14.04% above its 52-week low of HK$58.4, while still well below its 20-day moving average of HK$79.989. Valuation remains stretched with a negative PE of -36.72x and PB of -7.63x. Though the rebound was notable, trading volume was thin at just 35,300 shares (turnover rate 0.04%), indicating limited market participation.

Lifeng Harmonic Drives opened lower and fell sharply today, pressured by a pullback in the chip sector, closing at HK$63.1 in the morning session, down 5.8%. The stock briefly rallied to an intraday high of HK$68.8 before declining steadily to a low of HK$63.1, with a daily range of 8.6%. The current price is 47.24% below its 52-week high of HK$119.6 and well below the 20-day moving average of HK$80.722, indicating technical weakness. Despite recent gains fueled by AI and PCB demand expectations, today's selloff suggests profit-taking. While long-term demand for robot reducer components remains a topic of debate, near-term volatility is elevated.