NEWLINK TECH

Newlink Technology declined 5.4% to close at HK$0.140 in the afternoon session, driven by a widened net loss of HK$68.70 million in H1 FY26 (vs. HK$19.8 million loss a year ago, -246.84% YoY), despite a 17.31% revenue increase to HK$97.30 million. The stock fell from an intraday high of HK$0.148 to a low of HK$0.140, near its 52-week low of HK$0.120, and is 59.42% below its 52-week high of HK$0.345, trading below both the 20-day MA (HK$0.15) and 60-day MA (HK$0.155). The market also weighed the news of NaaS Technology's proposed US$15 million all-share acquisition of China Newlink Holding, though the deal remains subject to regulatory approvals.

Newlink Technology rallied in the afternoon session, closing at HK$0.152, up 5.56% for the day. The move was driven by active buying, with total volume of 208,800 shares and turnover of approximately HK$30,578, markedly higher than the morning session. Recent company announcements, including plans to review interim results and consider dividends, along with details on the use of proceeds from the May 2024 placement, likely boosted sentiment. Despite this, the earnings report continues to show pressure: Q4 2025 net loss widened 246.84% YoY to about HK$68.7 million, although revenue grew 17.31% YoY to roughly HK$97.3 million. The stock remains 55.94% below its 52-week high of HK$0.345, and trades below both its MA20 (HK$0.154) and MA60 (HK$0.157), indicating a weak position. However, the intraday break above the HK$0.15 level and the new session high suggest some short-term momentum improvement.

9600.HK opened sharply higher in the morning session, surging from the previous close of HKD 0.147 to HKD 0.160, a gain of 8.8%, though volume was extremely thin at just 8,000 shares with a turnover of HKD 1,280. The intraday pattern was a gap-up jump, reflecting a weak price position: -20% YTD, 53.62% below its 52-week high of HKD 0.345, and only slightly above the MA20 (HKD 0.154) and MA60 (HKD 0.158). The move was driven by news that the company will review its interim results on August 18 and may recommend a dividend, but its FY2025 losses continued to widen: Q4 EPS was -HKD 0.0733, a 249.15% YoY decline, net loss widened 246.84% to HKD 68.7 million, while revenue only grew 17.31% to HKD 97.3 million, with a net margin of -70.61%. Separately, Naas Technology's US$15 million all-share acquisition of China Newlink Holding remains pending, offering limited near-term catalyst. While the company has conducted share placings and multiple buybacks (e.g., 1 million shares repurchased on Dec 31, 2025), signaling management support, the sustainability of the rebound is questionable given the deep fundamental weakness.

9600.HK pulled back in the afternoon session, closing 8.1% lower at HKD 0.147, driven by persistent earnings losses and negative news. Q4 2025 revenue reached HKD 97.3 million, up 17.3% YoY, but net loss widened 246.8% to HKD 68.7 million, with EPS at -HKD 0.0733 and ROE at -45.6%. The earlier announcement of Naas Technology's all-share acquisition of China Newlink Holding for USD 15 million raised concerns over equity dilution. The stock is 57.4% below its 52-week high of HKD 0.345, trading below both MA20 and MA60, though its PB of 0.24x and YTD decline of 26.5% indicate significant valuation compression.

9600.HK rallied sharply during the morning session, reaching HKD 0.166 by 11:11 BJ, up 13.7% from the previous close of HKD 0.146, with an intraday range of HKD 0.145–0.166 (14.5% swing). The surge was primarily driven by news that U.S.-based Naas Technology plans to acquire China Newlink Holding in a US$15 million all-share transaction. On the fundamental side, Q4 2025 revenue rose 17.3% YoY to HKD 97.3 million, but net loss widened 246.8% YoY to HKD 68.7 million, with EPS of -HKD 0.0733 and net margin of -70.6%. The current price of HKD 0.166 remains 51.9% below the 52-week high of HKD 0.345, though it has cleared both the MA20 (HKD 0.151) and MA60 (HKD 0.159), while the stock is down 17% YTD. However, persistent losses, a total market cap of only ~HKD 166 million, and a price-to-book ratio of 0.28x cast doubt on the sustainability of the rally.