NEWLINK TECH

9600.HK's afternoon session saw a unilateral decline from HKD 0.170 to HKD 0.162, down 5.8%, primarily driven by liquidity spillover from the news of Naas Technology's USD 15 million all-share acquisition of its parent China Newlink Holding. Although Q3 2025 revenue grew 10.7% YoY to HKD 95.6 million, net loss widened 227.2% YoY to HKD 67.5 million, with EPS at -HKD 0.072. The current price of HKD 0.162 has fallen below the 60-day MA of HKD 0.170, and is down 53.0% from the 52-week high of HKD 0.345, with a YTD decline of 19.0%, though still above the 20-day MA of HKD 0.142. However, the company conducted multiple share repurchases in December, totaling approximately HKD 1.97 million, which may provide some support.

Newlink Technology opened higher and rose sharply in the morning session, reaching 0.200 HKD by 9:37 BJ, up 7.5% from the previous close of 0.186 HKD, though volume was a mere 1,600 shares. The move appears driven by recent news of Naas Technology's $15 million all-share acquisition of China Newlink Holding and a premium-priced share placement plan, fueling short-term sentiment around restructuring expectations. However, fundamentals remain deeply challenged: Q4 2025 net loss widened 246.8% YoY to 68.7 million HKD, with EPS at -0.0733 HKD and net profit margin at -70.6%; revenue grew 17.3% YoY to 97.3 million HKD, but losses outpaced sales growth. The current price of 0.200 HKD sits above its 20-day MA of 0.142 HKD and 60-day MA of 0.171 HKD, yet remains 42.0% below the 52-week high of 0.345 HKD and flat YTD, with a PB of 0.33x, reflecting persistent valuation discount amid ongoing losses.

Newlink Technology plunged 6.5% to HKD 0.187 in early morning trading, driven by its announcement of a all-share acquisition of Naas Technology valued at approximately USD 15 million, raising market concerns over dilution. The stock opened at HKD 0.208, then dropped to its intraday low of HKD 0.187, with only 624,800 shares traded and turnover of HKD 128,587.0. Despite a 17.3% year-over-year increase in operating revenue to HKD 97.3 million for fiscal 2025, the net loss widened by about 247% to HKD 68.7 million, with a net profit margin of -70.6% and EPS of -0.0733. The current price is 45.8% below its 52-week high of HKD 0.345, yet remains above its 20-day MA of HKD 0.139 and 60-day MA of HKD 0.171. However, the company has conducted multiple share buybacks, including repurchasing 1 million shares on December 31, signaling management's support.

Newlink Technology rose to HKD 0.144 in the morning session, up 5.9% from the previous close of HKD 0.136. However, trading volume was only 399,200 shares with a turnover of approx. HKD 55,900, reflecting a turnover rate of 0.04% and weak momentum. The stock was lifted by the announcement of a US$15 million all-share acquisition by Naas Technology. Yet fundamentals remain deteriorating: the company's full-year loss widened to HKD 188 million for FY2025, with Q4 net loss at HKD 68.7 million, up 247% YoY, and EPS of -0.0733 HKD. The current price is 58% below its 52-week high of HKD 0.345, though slightly above the 20-day MA of HKD 0.134, it remains well below the 60-day MA of HKD 0.17, with a year-to-date decline of 28%.

9600.HK opened low and rallied during the morning session, closing at HKD 0.140, up 9.4% from the previous close of HKD 0.128, with an intraday range of 9.4% and turnover of HKD 28,208. The rebound was primarily driven by support near the 52-week low of HKD 0.12, pushing the stock from its opening price of HKD 0.128 to an intraday high of HKD 0.140. Q4 2025 revenue grew 17.3% YoY to HKD 97.3 million, yet net loss widened 246.8% YoY to HKD 68.7 million, with EPS of -HKD 0.0733 and ROE of -45.59%, highlighting persistent fundamental deterioration. The stock remains 59.4% below its 52-week high of HKD 0.345 and trails its MA20 and MA60, though the YTD decline of 30.0% suggests potential for a short-term oversold bounce.